9-492. Investment of sinking funds and surplus
or idle funds of municipality
A. The governing body of a municipality may invest its sinking funds in United
States, state, or county bonds or in bonds, debentures or other obligations issued by the
federal land banks, the federal intermediate credit banks or the banks for cooperatives.
B. In addition to the provisions of subsection A of this section, the governing
body of a municipality may invest its surplus or idle funds in United States treasury
bills, notes or bonds which have a maturity date of not more than one year from the date
of investment and in accounts of any savings and loan association insured by an agency of
the government of the United States, up to the amount of such insurance.
C. In addition to the provisions of subsections A and B of this section, the
governing body of a municipality may invest its surplus or idle funds in accordance with
the procedures prescribed in section 35-323.01.
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