§ 2-500. Idle funds.

(a)

It shall be the duty of the county investment committee to give formal written approval for the investment of all idle county funds.

(b)

The investment committee shall authorize the investment of idle funds in any of the following:

(1)

Bonds, notes, or treasury bills of the United States or other obligations guaranteed by the United States or any of its agencies as to both principal and interest;

(2)

Bonds of the state or any agency of this state;

(3)

Bonds of any county or municipal corporation of the state, excluding bonds of any road, levee, or drainage district;

(4)

Bonds of any other state or political subdivision thereof;

(5)

Certificates of deposit;

(6)

Prime banker's acceptances which are eligible for purchase by the federal reserve system;

(7)

Prime commercial paper which is rated A-1 or equivalent by at least two nationally recognized rating services;

(8)

Repurchase agreements in form approved by the state director of local finance;

(9)

Investment accounts in the state local government investment pool;

(10)

Any other obligations and securities described in T.C.A. §§ 5-8-301 and 9-21-914 and other applicable provisions of the Tennessee Code Annotated.

(c)

The investment committee shall only authorize investment in those bonds rated A or higher by any nationally recognized rating service.

(d)

The investment committee shall notify, in writing, the division of cash management of the department of finance, of its policies and approval of any investment of county monies to be made, and the division of cash management, or other appropriate official, shall invest county monies according to the directives of the investment committee.

(e)

The division of cash management, or any official, shall keep detailed records of all investments and shall make a quarterly report to the county investment committee showing the principal and interest amounts credited to the county.

(Ord. No. O-90-9-116, § 5, 9-10-90; Ord. No. O-90-10-102, 11-19-90; Ord. No. O-93-1-102, § 1, 3-22-93)