Sec. 4-05. Depositories.

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Chapter 4. Finance and Personnel

(1) Established. Such credit unions, banks, savings banks, trust companies or savings and loan associations, and other depositories as are permitted by law to serve in that capacity and are designated by resolution of the council as official depositories, shall be the official depositories for all municipal funds in and for the city.

(2) Investments. The finance director is authorized to invest city funds not immediately needed, pursuant to § 66.0603(1m) Wis. Stats. and city policy.

(3) Procedures. The finance director shall promulgate the depository and investment policies and procedures subject to council approval.

(Code 1982, § 3.06)

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