(a) The Mayor, the City Auditor and the City Solicitor are designated as the Treasury Investment Board and shall perform such duties as may arise under the provisions of Ohio Revised Code Sections 731.56 to 731.59, inclusive, and such duties as may arise under the provisions of this section.
(b) Whenever there are monies in the treasury of the City which will not be required to be used for municipal purposes for a period of six months or more, such monies may, in lieu of being deposited in a bank, be invested in accordance with the provisions of Ohio Revised Code Sections 731.56 through 731.59. Investments and securities so purchased shall be sold in accordance with Ohio Revised Code Section 731.57.
(c) The securities so purchased shall be held by any member of the Federal Reserve System upon issuance, as custodian, under the provisions of Ohio Revised Code Section 731.59, or by the City Treasurer.
(Ord. 30-65. Passed 1-20-65.)
(Ord. 30-65. Passed 1-20-65.)
(d) The City Auditor is authorized and directed to apply the following formula for the distribution of monies resulting from the earnings of the Treasury investments, in accordance with the following table:
Fund Investing Money Fund Receiving Credit on Investment Earnings General Bond Retirement To General Fund Special Assessment Bond Retirement To General Fund Water Department Revenue To General Fund Police Pension To General Fund Fire Pension To General Fund Plyleys Lane Sanitary Sewer District To General Fund
Floodwall Account (Account #323) To General F und |
All City monies shall be invested in the manner required by Ohio R.C. 135.21, 713.56 and 5705.10.
(Ord. 65-89. Passed 6-12-89.)
(Ord. 65-89. Passed 6-12-89.)