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(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.)