As used in this chapter, unless another definition is provided or the content otherwise requires, the following definitions shall apply:
(a) “Active deposit” means a public deposit necessary to meet current demands on the City Treasury, and that is deposited in any of the following:
(1) A commercial account that is payable or withdrawable in whole or part on demand;
(2) A negotiable order of withdrawal account as authorized in the “Consumer Checking Account Equity Act of 1980,” 94 Stat. 146, 12 U.S.C. 1832(a);
(3) A money market deposit account as authorized in the “Garn-St. Germain Depository Institutions Act of 1982,” 96 Stat. 1501, 12 U.S.C. 3503.
(b) “Business day” means any day other than Saturday, Sunday, or any day on which Cleveland City Hall is closed.
(c) “City Treasurer” means the custodian of all public money of the City appointed pursuant to Section 99 of the Charter.
(d) “Depository” or “depositories” means any national bank, subject to inspection by either the U.S. Comptroller of the Currency or the Superintendent of Banks for the State of Ohio, any bank as defined by RC 1101.01, subject to inspection by the Superintendent of Banks for the State of Ohio, any federal savings and loan association, and any savings bank chartered pursuant to RC Chapter 1161.
(e) “Eligible depository” or “eligible depositories” means any depository designated by the Director of Finance pursuant to this chapter to receive or hold the active deposits of the City.
(f) “Public deposit” means public monies deposited in a depository.
(g) “Public monies” means all monies in the treasury of the City or monies coming lawfully into the possession or custody of the City Treasurer.
(h) “Trustee” means any national bank, subject to inspection by either the U.S. Comptroller of the Currency or the Superintendent of Banks for the State of Ohio, and any bank as defined by RC 1101.01, subject to inspection by the Superintendent of Banks for the State of Ohio, which is designated as a trustee for purposes of this chapter.
(i) “Uniform Depository Act” means RC Chapter 135 and any amendment or supplement thereto. Wherever any provision of the Uniform Depository Act is made applicable under this chapter, such provision is applicable only to the extent that it is not in conflict with or inconsistent with the Charter, any other provision in this chapter or any other ordinance or resolution passed by the City Council.
(Ord. No. 919-01. Passed 6-11-01, eff. 6-20-01)