Skip to code content (skip section selection)
Compare to:
Loading...
113.04 INVESTMENT BOARD.
   (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.)
113.05 AUDITOR AUTHORITY.
   (a)    The Auditor shall each meeting provide the Investment Board and Treasurer a schedule of the anticipated cash flow requirements of the City. In making investments, the Investment Board and Treasurer shall comply with the Auditor's anticipated cash flow requirements to insure that funds are available when required.
   (b)    The Auditor shall audit all deposit and investment transactions of the City. The Investment Board and Treasurer shall comply with all demands of the Auditor for depository and investment documents upon reasonable notice.
   (c)    The Auditor shall establish procedures for internal controls which shall be designed to prevent loss of public money due to fraud, error, misrepresentation, unanticipated market changes, or imprudent actions.
(Ord. 32-98. Passed 4-6-98.)
113.06 TREASURER AUTHORITY.
   (a)    The Treasurer shall manage the City's deposits and investments.
   (b)    The Treasurer shall be responsible for all depository functions and shall authorize and approve the deposit of all active moneys. Deposits shall be restricted to those accounts and classifications of obligations as set forth in Section 113.07.
   (c)    The Treasurer shall execute all orders of the Investment Board concerning the purchase and/or sale of City investments.
   (d)    The Treasurer shall provide confirmation copies of all purchases and sales of investments to the Auditor immediately upon their receipt and such other documentation as the Auditor may require to audit the investment records. The Treasurer shall report to the Investment Board and City Council any substantial decrease in the market price or, in his judgment, any substantial increase in the credit risk, of any eligible investment held by the City. The Treasurer shall maintain all records of all investments and deposits.
(Ord. 32-98. Passed 4-6-98.)
113.07 ELIGIBLE DEPOSITS AND INVESTMENTS.
   (a)   “Active moneys” may only be deposited in any of the following types of accounts:
      (1)   A commercial account that is payable or withdrawable, in whole or in part, on demand.
      (2)   A negotiable order of withdrawal account as authorized in the “Consumer Checking Account Equity Act of 1980", 94 Stat. 146, 12 U.S.C.A. §1832(a).
      (3)   A money market deposit account as authorized in the “Garn-St. Germain Depository Institutions Act of 1982", 96 Stat. 1501, 12 U.S.C.A. §3503.
      (4)   The State Treasurer’s Investment Pool (also known as The State Treasury Asset Reserve of Ohio or STAR OHIO) established pursuant to Ohio R.C. 135.45 or in other investment or deposit programs established by the State Treasurer pursuant to state.
   (b)   “Interim moneys” may only be deposited or invested in the classifications of obligations set forth in subsection (c) hereof or any other investments permitted by Ohio Revised Code Chapter 135.14.
   (c)   “Interim moneys” may be deposited or invested in any of the following classifications of obligations, provided that such investments must mature within five years from the date of settlement, unless the investment is matched to a specific obligation or debt of the subdivision:
      (1)   Bonds, notes or other obligations of or guaranteed by the United States, or those for which the faith of the United States is pledged for the payment of principal and interest thereon.
      (2)   Bonds, notes, debentures or other obligations or securities issued by any federal government agency, or the Export-Import Bank of Washington.
      (3)   Interim deposits, in the eligible institutions applying for interim moneys as provided in Ohio R.C. Section 135.08 (time certificates of deposit and savings or deposit accounts in eligible institutions).
      (4)   Bonds and other obligations of this State.
      (5)   No-load money market mutual funds consisting exclusively of obligations described in subsection (c)(1) or (2) hereof and repurchase agreements secured by such obligations, provided that investments in securities described in this division are made only through eligible institutions mentioned in Ohio R.C. 135.03.
      (6)   Written repurchase agreements which comply with the requirements of Ohio R.C. 135.14.
      (7)   Bonds, notes or other obligations of the City, included but not limited to those issued pursuant to Ohio R.C. Chapters 725, 727 and 729, at a price, rate, maturity, or other terms as determined by the Treasurer. The five year limitation on maturity or redemption set forth in Section 113.07(b) shall not apply to the City of Alliance purchasing its own notes and bonds for purposes contained in Ohio R.C. Chapter 725, 727 and 729.
      (8)   The State Treasurer’s Investment Pool (also known as The State Treasury Asset Reserve of Ohio or STAR OHIO) established pursuant to Ohio R.C. Section 135.45 or in other investment or deposit programs established by the State Treasurer pursuant to state.
      (9)   Securities and obligations from Federal National Mortgage Association (FNMA), Federal Home Loan Bank (FHLB), Federal Farm Credit Bank (FFCB), Federal Home Loan Mortgage Corporation (FHLMC), Government National Mortgage Association (GNMA), and Student Loan Marketing Association (SLMA). Must be a direct issuance of the federal agency or instrumentality.
      (10)   Or any other investments permitted by Ohio Revised Code Chapter 135.14.
         (Ord. 60-14. Passed 9-5-14.)
113.08 DESIGNATION AND SELECTION OF DEPOSITORY BANKS.
   (a)    Eligible depository banks which desire to receive deposits of public moneys shall make application to the Treasurer not later than December 31 of each odd year, and more frequently as the Treasurer may request, in accordance with Ohio R.C. Chapter 135.
   (b)    Eligible depository banks shall be banks organized under the laws of this State, national banking associations organized under the laws of the United States of America doing business and situated in this State, savings and loan associations located in this State and insured by federal deposit insurance and under federal supervision or regulation. To be eligible as a depository for City of Alliance moneys, an eligible depository bank shall additionally maintain its principal office or a branch office within the City of Alliance.
   (c)    The Treasurer shall initiate legislation to City Council not later than January 31 of each even year, and more frequently as the Treasurer may deem necessary, to designate the amount of public moneys available for active and interim deposits and to designate those depository banks which are eligible to receive active and interim deposits.
   (d)   The Treasurer shall prepare requests for proposals for the selection of a general depository bank to serve as the primary depository of City funds and to provide general banking services required by the City. Requests for proposals for banking services shall be made to eligible depository banks as often as deemed appropriate by the Treasurer and in such form and in such manner as determined by the Treasurer and as approved by the Law Director. The Treasurer shall maintain records of all requests for proposals and responses received for a period of not less than five years.
   (e)    Following receipt of proposals for banking services, the Treasurer shall select the general depository bank which will best serve the depository and banking services requirements of the City. The Treasurer shall enter into a depository agreement with the depository bank so selected which shall be for a period not to exceed two years. The Treasurer shall thereafter notify Council of the selection. Council may, for good cause shown, order the cancellation of such contract at any time during the term of said contract.
   (f)    The Treasurer may additionally enter into contract with eligible depository banks other than the general depository bank for the purpose of maintaining special depository accounts.
   (g)    Eligible depository banks which are awarded deposits shall comply with the provisions of Sections 135.18 and 135.181 of the Ohio Revised Code concerning security for the repayment of public moneys deposited.
(Ord. 32-98. Passed 4-6-98.)
113.09 DESIGNATION AND SELECTION OF ELIGIBLE INSTITUTIONS TO RECEIVE INVESTMENTS; INVESTMENT PRACTICES.
   (a)    The Investment Board shall invest available interim funds only in eligible investments described in Section 113.07 purchased only through or from eligible institutions.
   (b)    Eligible institutions to receive investments shall be members of the National Association of Securities Dealers, Inc. or institutions regulated by the Superintendent of Banks, Superintendent of Savings and Loan Associations, Comptroller of the Currency, Federal Deposit Insurance Corporation, Board of Comptroller of the Currency, Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, or Federal Home Loan Bank Board. The Investment Board shall maintain a list of eligible institutions, which shall be updated regularly. Eligible institutions may be deleted by virtue of any of the following:
      (1)    The failure of the eligible institution to meet the investment objectives of the City.
      (2)    The request of the eligible institution.
      (3)    The perception that the eligible institution is experiencing financial difficulties.
      (4)    A consistent lack of competitiveness by the eligible institution.
      (5)    Inadequate service to the City by the eligible institution.
   (c)    Price and rate quotations for investments shall be obtained from eligible institutions. Investments shall be purchased on the basis of obtaining the highest rate of return consistent with the City's investment objectives. In the case of the sale or purchase of investments where all other factors are equal, placement shall be made with the eligible institution situated within the City. The right is reserved to reject any or all bids or proposals or any bid if such is inconsistent with the City's investment objectives.
   (d)    City Council shall for good cause shown have the authority to order the sale or liquidation of any investment.
(Ord. 32-98. Passed 4-6-98.)
113.10 POOLING OF FUNDS FOR INVESTMENT PURPOSES.
   The Treasurer is authorized to pool cash balances from the several funds of the City for investment purposes.
(Ord. 32-98. Passed 4-6-98.)
Loading...