§ 42-10. Permitted investment.

A. 

As authorized by General Municipal Law § 11, the City of New Rochelle authorizes the chief financial officer to invest moneys not required for immediate expenditure for terms not to exceed its projected cash flow needs in the following types of investments:

(1) 

Special time deposit accounts.

(2) 

Certificates of deposit.

(3) 

Obligations of the United States of America.

(4) 

Obligations guaranteed by agencies of the United States of America.

(5) 

Obligations of the State of New York.

(6) 

Obligations issued pursuant to Local Finance Law § 24.00 or 25.00 (with approval of the State Comptroller) by any municipality or school district corporation other than the City of New Rochelle.

(7) 

Obligations of public authorities, public housing authorities, urban renewal agencies and industrial development agencies where the general state statutes governing such entities or whose specific enabling legislation authorizes such investments.

(8) 

Certificates of participation (COP's) issued pursuant to General Municipal Law § 109-b.

(9) 

Obligations of this local government, but only with any moneys in a reserve fund established pursuant to General Municipal Law § 6-c, 6-d, 6-e, 6-g, 6-h, 6-j, 6-k, 6-l, 6-m or 6-n.

B. 

All investment obligations shall be payable or redeemable at the option of the City of New Rochelle within such times as the proceeds will be needed to meet expenditures for purposes for which the moneys shall be payable or redeemable at the option of the City of New Rochelle within two years of the date of purchase.