§ 5. Depositories for city moneys; investments.

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In addition to authority granted by Arizona statutes, the council may cause city moneys to be deposited or invested in Certificates of Deposit or other forms of deposits or investments, in any financial institution in the State, upon sufficient security being given the city therefor by said financial institution, approved by the council. The council may adopt ordinances implementing this authority and the appropriate city official may, pursuant to said ordinance, invest city moneys not needed to pay current bills as therein directed.

                    
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