(a) All public moneys of the Municipality not deposited in active deposits or kept as a cash reserve as may be prescribed by the Director of Finance shall be invested by the Director of Finance or his designee in the investments described in subsection (b) hereof purchased only through or from eligible depositories designated pursuant to Section 125.02. To the extent possible, the Municipality's investments shall be made so as to complement its anticipated cash flow requirements. Unless matched to a specific cash flow requirement, the Director of Finance shall not make investments maturing more than one year from the date of purchase. The Director of Finance is authorized to pool cash balances from the several funds of the Municipality for investment purposes.
(b) The Director of Finance or his designee may invest in any of the following classifications of obligations which are hereby determined to be eligible for investment:
(1) Bonds, notes of other obligations of or guaranteed by the United States or those for which the faith of the United States, is pledged for the payment of principal and interest thereon.
(2) Bonds, notes, debentures or other obligations or securities issued by any Federal Government agency or the Export-Import Bank of Washington;
(3) Discount notes of the Federal National Mortgage Association and bonds issued by the Homeowners' Loan Corporation as defined in Ohio R.C. 731.56;
(4) Bonds and notes of the State;
(5) Bonds and notes of any Municipal corporation, including the Municipal, County, Township or other political subdivisions of this State as to which there is no default of principal, interest or coupons;
(6) The Director of Finance or his designee may enter into a repurchase agreement with any designated eligible depository mentioned in Ohio R.C. 135.03, if, and only if, under the terms of which agreement the Director of Finance or his designee purchases for the Municipality and such institution agrees unconditionally to repurchase within a period of thirty days securities that are direct obligations of, or are fully guaranteed as to principal and interest by, the United States government or agencies thereof that will mature or are redeemable within five years from the date of purchase;
(7) A certificate 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 repayment maturity;
(8) Insured deposit accounts in eligible depositories paying interest at a rate greater than the interest rate paid on the Municipality's active deposits, provided that such investments shall be approved in writing by the Director of Finance and Director of Law and that such approval by the Director of Finance and Director of Law shall also include approval of the insurance provided to secure and protect the Municipality's ability to recover the principal deposited in such deposit account.
(c) The Director of Finance or his designee may sell any securities, obligations or certificates of deposit or close any accounts held as investments for cash and for a sum not less than their current market price.
(d) The Director of Finance and his designees, the Mayor, the Director of Law and the members of Council shall not be held accountable or personally liable for any loss occasioned by the sale of securities, obligations or certificates of deposit or by the closing of insured deposit accounts authorized pursuant to subsection (c) hereof at prices lower than their cost or balance. Any loss or expense in making such sales or closings shall be payable as other expenses of the Municipality.
(e) Investments authorized by subsection (b) hereof shall not be made at a price in excess of the current market price. The members of Council, the Mayor, the Director of Law and the Director of Finance and his designees, shall not be personally liable for or with respect to the purchase of securities, obligations or certificates of deposit or the deposit of public moneys in insured deposit accounts authorized as investments pursuant to subsection (b) hereof and the members of Council, the Mayor and the Director of Law shall not be personally liable for any unauthorized deposit or investment by the Director of Finance or his designee.
(f) If any securities, obligations or certificates of deposit purchased under the authority of this section are issuable to a designated payee or to the order of a designated payee, the name of the Director of Finance and the title of his office shall be so designated. If any such securities, obligations or certificates of deposit are registrable either as to principal or interest, or both, then such securities shall be registered in the name of the Director of Finance as such.
(g) All securities, obligations or certificates of deposit acquired by the Director of Finance under this section shall be kept by him in a safe deposit box or vault belonging to an eligible depository, and such safe deposit box or vault shall be opened only upon a warrant or order of the Director of Finance or a person duly authorized as the Acting Director of Finance in the presence of one or more of the Director of Finance, Director of Law or Mayor or persons duly authorized as Acting Directors of Finance or Law or Acting Mayor. The warrant or order to open such safety deposit box or vault shall direct the deposit or removal of such securities, obligations or certificates of deposit, clipping of coupons or other official business reasons for opening the box or vault. A report of what is placed in, removed from or other official business conducted, shall on the same day of the opening of the box or vault, be signed by the officer witnessing such opening and the Director of Finance, and such report shall be retained by the Director of Finance.
In lieu of such custody, the Director of Finance may deposit such securities, obligations or certificates of deposit with a qualified trustee as set forth in Ohio R.C. 135.18(I) or 135.181(F).
Notwithstanding the two preceding paragraphs, the Director of Finance is not required to take custody or provide for the deposit of securities acquired under a repurchase agreement.
(h) Upon the expiration of the term of office of the Director of Finance or 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 his legal representative shall transfer and deliver to his successor all securities, obligations and certificates of deposit held by him. For the securities, obligations and certificates of deposit so transferred and delivered, such Director of Finance shall be credited with and his successor shall be charged with the amount of money invested in such securities, obligations and certificates of deposit.
(i) Whenever securities, obligations or certificates of deposit acquired under this section 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 chapter.
(j) The Director of Finance or his designee shall maintain accounts in which he shall make appropriate entries of all transactions relating to the investment of Treasury funds. The Director of Finance or his designee shall keep a record of the number and maturity of interest coupons on instruments in which the Municipality has invested.
(k) The Director of Finance shall, upon request of the Mayor or Council, provide periodic reports in such detail as required by Council or the Mayor of all investments purchased, sold and held.
(l) Interest earned on any investments, authorized by this section, shall be collected by the Director of Finance and credited by him to the proper fund of the Municipality as required by law.
(m) In addition to investments as provided in this chapter, the Director of Finance may invest in bonds, notes or other obligations of the Municipality, including those issued pursuant to Ohio R.C. 725.01 to 725.11, at a price, rate, maturity or other terms as determined by the Director of Finance.
(Ord.1986-46. Passed 10-28-86.)