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(a) The Director of Finance or the Director's designee may invest in any of the following classifications of obligations which are hereby determined to be eligible for investment of the Public Moneys of the City ("Eligible Investments"):
(1) United States Treasury bills, notes and bonds (excluding stripped principal or interest obligations of such issuances), or any other obligation or security issued by the United States Treasury or any other obligation guaranteed as to principal and interest by the United States;
(2) Bonds, notes, debentures or other obligations or securities issued by any federal government agency or instrumentality (excluding stripped principal or interest obligations of such issuances), including, but not limited to, the Federal National Mortgage Association, Federal Home Loan Bank, Federal Farm Credit Bank, Federal Home Loan Mortgage Corporation, and Government National Mortgage Association; provided that such securities shall be direct issuances of federal government agencies or instrumentalities;
(3) A written repurchase agreement between the Director of Finance or such Director of Finance's designee and any Eligible Depository or any Qualified Securities Dealer if, and only if, under the terms of which agreement the Director of Finance or such Director of Finance's designee purchases for the City and such institution agrees unconditionally to repurchase within a period of not more than thirty days securities described in subsections (1) or (2) hereof that will mature or are redeemable within five years from the date of purchase; provided that:
A. The market value of such securities subject to a repurchase agreement that mature:
1. On the business day immediately succeeding the business day on which such repurchase agreement was entered into shall be at least one hundred two percent (102%) of the principal amount of the repurchase agreement; and
2. On any other business day after the business day described in the immediately preceding item (1) shall be at least one hundred two percent (102%) of the principal amount of the repurchase agreement; and
B. The repurchase agreement shall contain the requirement that for each transaction pursuant to such agreement the Eligible Depository or Qualified Securities Dealer shall provide all of the following information:
1. The par value of the securities subject to such agreement;
2. The type, coupon rate, if any, and maturity date of the securities; and
3. A numerical identifier generally accepted in the securities industry that designates the securities;
(4) Certificates of deposit of Eligible Depositories which may provide (and, if so, shall be shown on its face) that the amount of such deposit is payable upon written notice a specified period before the date of the scheduled maturity, provided that security for the repayment of any such certificates of deposit is provided in accordance with Ohio R.C. Section 135.18; and
(5) STAR OHIO.
(6) Commercial paper issued by an entity as outlined in the Uniform Depository Act rated at time of purchase in the single highest classification by at least two nationally recognized rating agencies with a term to maturity of 270 days or less such that the investment in commercial paper of a single issuer, that has assets exceeding five hundred million dollars, shall not exceed in the aggregate five percent of the City's investments.
A. Commercial paper investments shall not exceed forty percent of interim monies available.
(7) Bonds or other obligations of this state, or the political subdivisions of this state, provided that. with respect to bonds or other obligations of political subdivisions, all of the following apply:
A. The bonds or other obligations are payable from general revenues of the political subdivision and backed by the full faith and credit of the political subdivision; and
B. The bonds or other obligations are rated at the time of purchase in the three highest classifications established by at least one nationally recognized standard rating service and purchased through a Qualified Securities Dealer; and
C. The aggregate value of the bonds or other obligations does not exceed twenty percent of the City's investments; and
D. The City is not the sole purchaser of the bonds or other obligations at original issuance.
(b) The Director of Finance and the Director's designee, the City Manager and the members of Council shall not be held accountable or personally liable for any loss occasioned by the sale of any Eligible Investment authorized pursuant to subsection (a) hereof at prices lower than its cost or balance. Any loss or expense in making such sale shall be payable as other expenses of the City.
(c) The members of Council, the City Manager and the Director of Finance and such Director of Finance's designees, shall not be personally liable for or with respect to the purchase of any Eligible Investment authorized as investments pursuant to subsection (a) hereof; and the members of Council and the City Manager shall not be personally liable for any unauthorized deposit or investment by the Director of Finance or such Director of Finance's designee.
(d) In the event of a vacancy in the office of the Director of Finance by reason of death, resignation, removal from office or otherwise, the Director of Finance or any acting or interim Director shall transfer and deliver to the Director's successor all Eligible Investments held by the Director, or in the case where the Eligible Investments are held in safekeeping by a Qualified Trustee, all records held by the Director evidencing ownership of such Eligible Investments and information describing the location of such Eligible Investments. For the Eligible Investments so transferred and delivered, such Director of Finance shall be credited with, and the Director's successor shall be charged with, the amount of money invested in such Eligible Investments.
(e) Whenever Eligible Investments acquired under this Section 234.031 mature and become due and payable, the Director of Finance shall present them for payment according to their tenor, and shall collect the moneys payable thereon. The moneys so collected shall be treated as Public Moneys subject to the provisions of this section with respect to their reinvestment and the Uniform Depository Act with respect to their deposit.
(f) The Director of Finance or the Director's designee shall maintain accounts in which the Director or the Director's designee shall make appropriate entries of all transactions relating to the investment of Public Moneys.
(g) If the Director of Finance wishes to purchase investment(s) listed in sections 234.031 (a) (1). (2), (6) & (7), without first receiving the advice of the City’s investment advisor or consultant; the Director of Finance would be required to obtain written approval from the City Manager prior to purchasing that investment.
(h) Interest earned on any Eligible Investments authorized by this section shall be collected by the Director of Finance and credited by the Director to the proper fund of the City as required by law. (Ord. 67-18. Passed 10-22-18.)
(1) "Eligible Depository" shall mean any institution described in Ohio R.C. 135.03.
(3) "Derivative Security" shall mean a financial instrument or contract or obligation whose value or return is based upon or linked to another asset or index or both separate from the financial instrument, contract or obligation itself, but shall not include a written repurchase agreement that satisfies the provisions of subsection (a)(6) of Section 234.031 hereof.
(4) "Investment Pool" shall mean a fund established by another Subdivision (including a County), Director of Finance, Governing Board or Investing Authority as each of those terms is defined in Ohio R.C. 135.01, if that fund was established for the purpose of investing the public moneys of other subdivisions, but shall not include STAR OHIO.
(5) "Public Moneys" shall mean all moneys in the treasury of the City or moneys coming lawfully into the possession of the Director of Finance.
(6) "Qualified Securities Dealer" shall mean a securities dealer who is a member of the Financial lndustry Regulatory Authority, Inc.
(7) "Qualified Trustee" shall mean a qualified trustee as described in Section 135.18 of the Uniform Depository Act.
(8) "Reverse Repurchase Agreement" shall mean a repurchase agreement under the terms of which the Director of Finance or such Director of Finance's designee agrees to sell securities owned by the City to a purchaser and agrees with that purchaser to unconditionally repurchase such securities.
(9) "STAR OHIO" shall mean the Ohio Subdivision's Fund created pursuant to Ohio R.C. 135.45 and currently designated as "Star Treasury Asset Reserve of Ohio".
(10) "Uniform Depository Act" shall mean Ohio R.C. Chapter 135, and all amendments thereto.
(b) Nothing in this Section 234.032 shall be construed as permitting the investment of the Public Moneys of the City in any of the obligations defined in the preceding paragraph (a) if investment in such obligations is otherwise prohibited by this section. (Ord. 67-18. Passed 10-22-18.)
(a) The Director of Finance is hereby authorized to hire a full-time clerk for the purpose of setting up and assisting with rubbish and garbage collection and disposal, through the office of the Director.
(b) Such full-time clerk shall be bonded in the sum of twenty thousand dollars ($20,000) by the City.
(Ord. 172-82. Passed 1-10-83.)
(a) Writing Off Bad Debt. Each City department is responsible for analyzing their respective outstanding accounts receivable and identifying accounts that are reasonably determined to be uncollectible for recommendation to be written-off. As deemed necessary, or once annually, each department head shall compile an uncollectible account listing containing the following information: the originating department; name and signature of the department head submitting the request for write-off; the date of the request; the name and address of each debtor associated with the subject account; the nature of the debt or other relevant particular information of the debt; the date in which the receivable or amount was due for each subject account; the affected general ledger account number that applies; the amount determined to be uncollectible; and the methods/measures taken to collect the debt.
(b) Each identified account not exceeding $599.99 shall meet the following criteria for review and approval:
(1) The account(s) must be older than six (6) months.
(2) No account listing should include any accounts: (a) relating to tax collections; (b) subject to any applicable statute of limitations; (c) subject to certification to the County Auditor for placement on the tax duplicate; (d) that have been discharged in bankruptcy proceedings; or (e) those subject to any similar legal bar to collection efforts.
(3) Account listings shall be submitted to a Review Committee for review and approval. The Review Committee shall be comprised of the City Manager, Finance Director and Law Director. The Review Committee shall appoint a Secretary who shall serve at the pleasure of the Review Committee. In order for any recommended write-off to be approved or recommended for Council’s approval, it shall require majority approval of the Review Committee.
Each identified account exceeding $600.00 shall follow the same process as detailed above and shall require additional Council approval by motion after recommendation of approval by the Review Committee.
Department heads shall submit any and all write-off requests for the year to the Review Commission no later than September 30th to ensure timely processing.
All approved write-offs must be completed by the department head no later than sixty (60) days from the date of approval by the Review Committee or Council, as the case may be. Upon completion, each department head shall provide documentation evidencing such write-offs to the Finance Department for review.
(c) When Insufficient Fund(s) Checks are Returned from the Bank. Checks ultimately received by the Finance Department or Clerk of Courts which, upon presentation to the drawee bank, are returned for insufficient funds or for any other reason, shall be held by the respective department, pending full restitution to be made within five (5) business days of notification, in case or money order, by the person or company tendering said check. A thirty dollar ($30.00) charge will be assessed for said returned check and added to the pertinent accounts. Nothing in this section is to be construed to prohibit the City pursuing all additional legal remedies.
(Ord. 61-15. Passed 8-3-15.)
(a) Council hereby establishes a blanket purchase order amount limit not to exceed $25,000 unless a purchase for a higher amount has been approved by Ordinance or Resolution of Council in accordance with Ohio Revised Code 5705.41(D)(3)
(b) A purchase order issued pursuant to any Council Ordinance or Resolution shall not exceed the amount stipulated in the Ordinance or Resolution, or when not specified, shall not exceed the appropriation or legal level of control established by Council.
(Res. 40-17. Passed 5-22-17.)