Investment and reinvestment of funds or reserves.
Memphis Charter, art. 65, § 694
in effectSec. 694. - Investment and reinvestment of funds or reserves.
Subject to the provisions of any contracts that may be made with the purchasers of any bonds or notes, the board of Light, Gas and Water Commissioners may invest and reinvest any funds or reserves in bonds of the United States, State of Tennessee, Shelby County, City of Memphis or any bonds or notes issued by or on behalf of Memphis light, gas and water division, or any one or more of the several divisions thereof; and the negotiability of any bonds or notes so acquired shall not be affected by the acquisition thereof and any bonds or notes so acquired may thereafter be negotiated, sold or used for debt retirement or otherwise disposed of at public or private sale and at such prices and upon such conditions as the board of Light, Gas and Water Commissioners may deem best. The funds of any division may be separately invested and reinvested, or may be invested and reinvested in conjunction with the funds of any other division or divisions, as the board of Light, Gas and Water Commissioners may deem best; and any profit or loss resulting from any such investment or reinvestment shall be credited or charged to the several divisions in proportion to the respective funds of the several divisions so invested or reinvested.
(Priv. Acts 1939, ch. 381, § 23)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/charter?nodeId=PTICHRELA_ART65LIGAWADI_S694INREFUREFetched: 10/28/2026