Investments shall be made that reflect the cash flow needs of the specific fund type being invested. The investment of village funds may only be made in the following instruments:

A. Bonds, notes, certificates of indebtedness, treasury bills or other securities now or hereafter issued by the United States of America, its agencies and allowable instrumentalities;

B. Interest-bearing savings accounts, interest-bearing certificates of deposit or interest-bearing time deposits, or any other investments constituting direct obligations of any bank as defined by the Illinois Banking Act (investments may be made only in those savings banks or savings and loan associations, the shares or investment certificates of which are insured by the Federal Deposit Insurance Corporation);

C. Certificates of deposit with federally insured institutions that are collateralized or insured at levels acceptable to the village in excess of the one hundred thousand dollars provided by the Federal Deposit Insurance Corporation coverage limit;

D. The Illinois Public Treasurer’s Investment Pool; and

E. Any other instrument specifically authorized under the Illinois Public Funds Investment Act. (Ord. 1999-14 § 1 (part), 1999)