(a) An officer, director, stockholder, employee, or owner of any interest in a depository receiving active deposits pursuant to RC sections 135.01 to 135.21, inclusive, and Chapter 178 of the Codified Ordinances shall not be deemed to be interested, either directly or indirectly, as a result of such active deposits of public monies for the purpose of any law of the State of Ohio prohibiting an officer of the state or of any subdivision, including the City, from being interested in any contract of the state or of the subdivision as provided in RC 135.11.
(b) The provisions of RC sections 135.51 through 135.54 relating to defaulting depositories are hereby incorporated by reference into this chapter and the City, its Council, officers and employees may act in accordance with those provisions in the event of any default on the part of any eligible depository.
(Ord. No. 2353-93. Passed 2-14-94, eff. 2-23-94)