The Council shall by ordinance provide for the custody of all funds of the Municipality and for the deposit of funds as provided by the Uniform Depository Act of the State of Ohio. All funds received on behalf of the Municipality by any officer, employee or agent thereof, shall be promptly placed in the depository bank by the Director of Finance. Council, however, may authorize such sums as it deems proper to be kept in cash for the daily operations of any department or office.
Inactive funds in the treasury of the municipal depository may be invested from time to time in such manner as is now or hereafter may be authorized by the general laws of the State for the investment of inactive funds of municipalities.
(Amended 11-6-73)