What type of investments may a city make?
Cities, park districts, counties, townships and school districts in North Dakota may invest moneys in their general fund or balances in any special or temporary fund in the following types of investments per NDCC 21-06-07:
  • Bonds, treasury bills and notes, or other securities that are a direct obligation of, or an obligation insured or guaranteed by, the Treasury of the United States, or its agencies, instrumentalities or organizations created by an act of Congress

  • Securities sold under agreements to repurchase written by a financial institution in which the underlying securities for the agreement to repurchase are of a type listed above

  • Certificates of deposit fully insured by the federal deposit insurance corporation or by the state

  • Obligations of the state

  • Certificates of deposit fully insured or guaranteed by the Federal Deposit Insurance Corporation and placed for the benefit of the public depositor by a public depository through an appropriate reciprocal deposit placement service as determined by the commissioner of financial institutions

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1. What steps does the city need to take when changing banks so that wire transfers from state agencies can be received in a timely manner?
2. How often is our city required to have an audit?
3. What type of investments may a city make?