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(a) Whenever there are moneys in the Treasury of the City which are not required to be used for a period of six months or more, such moneys may, in lieu of being deposited in a bank or banks, be invested in accordance with Ohio R.C. 731.56 through 731.59. Investments so purchased shall be sold in accordance with Ohio R.C. 731.57.
(b) Premiums and discounts on investment purchases shall be credited to or charged against interest. Gains and losses in the sale of investment securities shall be credited to or paid from interest.
(c) All interest earned, net of adjustments required by subsection (b) hereof, on present investments and deposits of various interim and inactive Municipal funds, except those funds having the application of earnings specifically designated by statute or ordinance, shall be credited to the Improvement Fund as earned.
(Ord. 114-88. Passed 6-27-88.)