4800.1 The Deputy Mayor for Financial Management shall invest all deposited public funds which are not required to be disbursed immediately.

4800.2 Public funds shall be invested in obligations of the United States government or its agencies directly or through repurchase agreements secured by such obligations.

4800.3 The investments shall have the longest maturities possible under the circumstances.

4800.4 The period for which an investment may be held shall not exceed ninety-one (91) days.

4800.5 Each investment shall be placed with the eligible financial institution which has made the highest interest rate yield bid in response to a solicitation by the Deputy Mayor for Financial Management.

AUTHORITY: Unless otherwise noted, the authority for this chapter is §10(a)(1) of the District of Columbia Depository Act of 1977, D.C. Law 2-32 (D.C. Code §47-349(a)(1)), and Mayor's Order 85-87, 32 DCR 4252 (July 19, 1985).

SOURCE: Final Rulemaking published at 32 DCR 5098 (September 6, 1985).