155.01 DEFINITIONS.
   For the purpose of this chapter the following definitions shall apply unless the context clearly indicates or requires a different meaning:
   (a)   "Active deposit" means a public deposit necessary to meet current demands on the Treasury, and that is deposited in any of the following:
      (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;"
      (3)    A money market deposit account as authorized in the "Garn-St. Germain Depository Institutions Act of 1982."
   (b)   "Inactive deposit" means a public deposit other than an interim deposit or an active deposit.
   (c)   "Interim deposit" means a deposit of interim moneys. "Interim moneys" means public moneys in the Treasury after the award of inactive deposits has been made in accordance with Ohio R.C. 135.07, which moneys are in excess of the aggregate amount of the inactive deposits as estimated by the legislative authority prior to the period of designation and which the Treasurer finds should not be deposited as active or inactive deposits for the reason that such moneys will not be needed for immediate use but will be needed before the end of the period of designation.
   (d)   "Permissible rate of interest" means a rate of interest that all eligible institutions mentioned in Ohio R.C. 135.03 are permitted to pay by law or valid regulations.
   (e)   "Public deposit" means public moneys deposited in a public depository pursuant to Ohio R.C. 135.01 to 135.21.
   (f)   "Public depository" means an institution which receives or holds any public deposits.
   (g)   "Public moneys" means all moneys in the Treasury of the City, or moneys coming lawfully into the possession or custody of the City Treasurer.
   (h)   "Investment Board" means the Investment Board of the City of Canton as created and defined by Section 155.04 of this chapter.
   (i)   "No-load money market mutual fund" means a no-load money market mutual fund to which all of the following apply:
      (1)   The fund is registered as an investment company under the "Investment Company Act of 1940," 54 Stat. 789, 15 U.S.C.A. 80a-1 to 80a-64;
      (2)   The fund has the highest letter or numerical rating provided by at least one nationally recognized standard rating service;
      (3)   The fund does not include any investment in a derivative. As used in this section, "derivative" means 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. Any security, obligation, trust account, or other instrument that is created from an issue of the United States Treasury or is created from an obligation of a federal agency or instrumentality or is created from both is considered a derivative instrument. An eligible investment described in Ohio R.C. 135.14 or 135.35 which a variable interest rate payment, based upon a single interest payment or single index comprised of other investments provided for in division (b)(1) or (2) of Ohio R.C. 135.14, is not a derivative, provided that such variable rate investment has a maximum maturity of two years. (Ord. 45-2014. Passed 3-10-14.)