Temporarily idle moneys of the city not currently needed, may in accordance with the procedure hereafter described be invested in:

A. Temporary notes or no-fund warrants of the city;

B. Time deposits, open accounts or certificates of deposit in commercial banks or trust companies which have offices located in the city. If no commercial bank or trust company is located in the city, then in commercial banks or trust companies which have offices located in Butler County, or in the counties of the state adjacent to Butler County, as provided for, and subject to the restrictions of KSA 12-1675;

C. Time certificates of deposit with state or federally chartered savings and loan associations which have offices located in the city;

D. Repurchase agreements with commercial banks, trust companies, or state or federally chartered savings and loan associations with offices located in the city, for direct obligations of, or obligations that are insured by, the United States government or any agency thereof. If no commercial bank, trust company, or state or federally chartered savings and loan association has an office in the city, then in any commercial bank, trust company, or state or federally chartered savings and loan association with offices located in Butler County. If no such commercial bank, trust company, or state or federally chartered savings and loan association will enter into such an agreement at or above the interest rate set out by KSA 12-1675(b)(4), then such repurchase agreements may be entered into with commercial banks, trust companies, or state or federally chartered savings and loan associations which have offices located in the state;

E. United States treasury bills or notes with maturities as the governing body shall determine, but not exceeding six months. Investments may be made in U.S. treasury bills or notes only if no eligible bank, trust company, or state or federally chartered savings and loan association can or will make the investments authorized in subsections (B) and (C) of this section at interest rates equal to or greater than the average yield before taxes received on ninety-one-day U.S. treasury bills or the maximum rates such banks, trust companies or savings and loan associations may pay on investments authorized under subsections (B) and (C) of this section, whichever is lower. (Prior code § 1-601)