HomeMy Public PortalAbout1992_07_28_O028 Investment of Idle FundsThe Town of
Leesburg,
Virginia
ORDINANCE NO.
AN ORDINANCE:
PRESENTED July 28, 1992
92-0-28 ADOPTED July 28, 1992
AMENDING SECTION 2-84 OF THE TOWN CODE REGARDING
INVESTMENT OF IDLE FUNDS
WHEREAS, Section 2.1-328 of the 1950 Code of V"mginia, as amended, authorh:es the legal
investments for public funds which provides for greater flexibility in the investment of idle town funds by
the Director of Finance; and
WHEREAS, greater flexibility will result in increased investment yields and revenues for the town:
THEREFORE, ORDAINED by the Council of the Town of Leesburg in Virginia that Town Code
Section 2-84 is amended as follows:
(a) The director, whenever there are monies in the treasury, includin.~ bond proceeds, which
will not be required to be used, may invest such funds in .....
with Section 9..1-828 of the 1950 Code of Virginia, as amende~ including all future amendments to this
section. Such investments shall not be made at a price in excess of the current market value of such bond~~
or cbu. ig--tlor~ investments. Such bcndc or cthcr cb':_g'atic:-m investments may be sold by the director for
cash and for a sum not less than their purchase price. The director shall mmintaln a record of such
investment transactions. The director shall muke such investments so as to provide the moximum yield
on such idle funds. Investment securities tomy be placed in the custody of any member of the Federal
Reserve Banking System upon the issuance by such member of its custodlmn or other b~ilment receipt to
the director. Such securities, if not so kept, shall be in the custody of the director. Interest collected or
accrued on any monies so invested shall be credited to the fund from which the principal was taken.
This ordinance shall be in effect upon its passage.
PASSED this 28th day of
July , 1992.
~eflVlayor~z~
Town of Leesburg
ATTEST:
Clerk of Council
0:2-84