(a) There is hereby created an Investment Board comprised of the Mayor, Law Director, Auditor, Treasurer and Majority Leader of Council, or their designees, and two members of the public, qualified by occupation or profession as a banker, member of a firm associated with the National Association of Security Dealers, Inc., or member of a Securities Exchange Commission registered investment advisory firm, to be appointed by the Mayor with the approval of Council. The term of the public members shall be two years. The Investment Board shall be subject to the Open Meeting Law, Ohio R.C. 121.21.
(b) The Investment Board shall establish policies and procedures concerning the deposit and investment of interim monies. Investments shall be restricted to "eligible investments" as defined in Section 155.07. The Investment Board shall serve as an advisory board to the Treasurer, Auditor and Council with respect to depository and investment matters. The Investment Board shall review depository and investment procedures and make recommendations for the efficient management of the City's funds. The Board shall additionally assist in the coordination of depository, investment and other related activities between the offices of the Auditor and Treasurer.
(c) The Treasurer of the City shall be the chairperson of the Investment Board. The Investment Board shall additionally elect a vice chairperson and secretary, who shall serve for a term of two years. A quorum of the Board shall consist of four members and no official meeting shall be held unless a quorum is present. The majority vote of the members present at any meeting shall be necessary to adopt any decision or recommendation. The Board shall meet at least quarterly at a time and place to be designated by the Board and at such other times as the Board may deem necessary. A special meeting may be called by the chairperson or any three members of the Board.
(d) The banker and securities broker members of the Investment Board shall not be deemed to be interested, either directly or indirectly, as a result of such membership on the Board, in the deposit or investment of any public funds for the purpose of any law of this State prohibiting an officer of the State or of any subdivision from being interested in any contract of the State or of the subdivision; provided that all requirements of this chapter and of the Ohio Revised Code concerning the application and designation of depository banks and/or selection of investment bankers/brokers shall be complied with.
(Ord. 45-2014. Passed 3-10-14.)