(a) There is created and established a Treasury Investment Board, charged with the duties of investing funds of the City which are not to be used by the City for a period of six months, as provided for in Ohio R.C. 731.56 through 731.59. The Treasury Investment Board shall be comprised of the Mayor, Auditor and Law Director. The Chief fiscal officer shall make a study of the needs and determine when an investment of the City funds shall be made, and shall recommend the same to the Treasury Investment Board, which in turn will either approve or reject the proposal.
(Ord. 609. Passed 9-14-48.)
(b) Whenever there are moneys in the Treasury of the City which will not be required to be used for a period of six months or more, such moneys may, in lieu of being deposited in a bank or banks, be invested in accordance with the provisions of Ohio R.C. 731.56 through 731.59. Investments so purchased shall be sold in accordance with Ohio R.C. 731.57.
(Ord. 966. Passed 8-12-57.)