(a) There is hereby created a Investment Board comprised of the Mayor, Law Director, Auditor, Treasurer and one member of the public, either qualified by occupation or profession as a banker or qualified by occupation or profession as a member of a firm associated with the National Association of Security Dealers, Inc., to be appointed by the Board. The term of the public member shall be two years. The Investment Board shall be subject to the Open Meeting Law, Ohio R.C. Section 121.21.
(b) The Investment Board shall approve the investment of all interim moneys. Investments shall be restricted to "eligible investments" as defined in Section 113.07(b) and (c). The Investment Board shall review depository and investment procedures and make recommendations for the efficient management of the City's funds.
(c) The Treasurer of the City shall be the chairperson of the Investment Board. The Investment Board shall additionally elect a vice chairperson and secretary. A quorum of the Board shall consist of three members and no official meeting shall be held unless a quorum is present. The majority vote of the members present at any meeting shall be necessary to adopt any decision or recommendation. The Committee shall meet at least quarterly at a time and place to be designated by the Board and at such other times as the Board may deem necessary. The Treasurer shall report to City Council the subject matter of all such meetings. A special meeting may be called by the chairman or any three members of the Board.
(d) The banker or securities broker member of the Investment Board may participate provided that all requirements of this chapter and of the Ohio Revised Code concerning the application and designation of depository banks and/or selection of investment bankers/brokers shall be complied with.
(Ord. 32-98. Passed 4-6-98.)