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179.03 DEPOSITORIES.
   (a)   The Mayor shall determine the amount of public moneys which shall be available in active deposits to:
      (1)   Provide the needed cash flow to pay warrants and checks issued and outstanding, and to provide for a reasonable surplus in addition to the amount needed to pay such warrants and checks; and
      (2)   Maximize the interest received on public moneys of the City. Interest on active deposits shall be paid or credited by the City's designated eligible depositories at least quarterly and when funds are withdrawn, computing the time of payment from the date of deposit.
   No service charge shall be made by a designated eligible depository against an active deposit or collected from or paid by the Director of Finance unless such service charge is the same as is customarily imposed by institutions receiving money on deposit subject to check, in the City, in which event the Director may pay such charge. All public moneys of the City not deposited in active deposits shall be invested pursuant to Section 179.05.
   (b)   The Mayor shall, by a writing filed with the Clerk of Council, designate one (1) or more eligible depositories as the depository or depositories of the City's active deposits. In making such designation the Mayor shall consider the following:
      (1)   The convenience of the location of the depository's offices;
      (2)   The rate or rates of interest, if any, which the depository shall pay on the active deposits;
      (3)   The service charges, if any, that shall be made for the services of the depository; and
      (4)   Any other terms or conditions with respect to the depository's acceptance of the City's active deposit.
         (Ord. 95-1981. Passed 10-5-81; Ord. 153-2021. Passed 12-6-21.)
   (c)   The initial designation of depositories for the City's active deposits shall be for a period not to exceed six (6) months and may be made without giving the notice hereinafter provided for. Subsequent designations of depositories for the City's active deposits shall be: (1) for a period specified in the Mayor’s written designation of depositories pursuant to subsection (b) hereof, which period shall not be less than six (6) months nor longer than five (5) years; and (2) shall be made after the Director has provided written notice by first-class mail to the eligible depositories having an office in the City, and such other eligible depositories as determined by the Director, at least sixty (60) days prior to the date of the action of the Mayor designating depositories for the City's active deposits. Such notice shall: (1) provide an estimate of the maximum amount of such active deposits at any time during the period of designation, and the proposed period of designation or alternative proposed periods of designation; (2) request such depositories to apply in writing for all or part of the City's active deposits on or before a date and time specified in the notice; (3) request such depositories to state in their application the amount of such active deposits that shall be accepted by it, the rate or rates of interest, if any that shall be paid on such active deposits, the service charges, if any, that shall be made for its services, other terms or conditions with respect to the depository's acceptance of all or part of the City's active deposits and the location of its offices in the City, or if none are located in the City, the location of its nearest offices; and (4) include or request any other information to or from such depositories which the Director deems relevant. The request for written applications or their receipt does not constitute a bidding procedure. Rather such request and application are intended to provide relevant information to the Mayor for his or her designation pursuant to subsection (b) hereof and to provide notice to eligible depositories that the City shall receive applications and proposals for its active deposits.
(Ord. 193-2001. Passed 11-19-01; Ord. 153-2021. Passed 12-6-21.)
   (d)   The Mayor shall enter into a contract, approved as to form and content by the Director of Law, with such depositories for the appropriate period determined pursuant to subsection (c) hereof. Such contract shall establish the rate or rates of interest, if any, to be paid by the depository on the City's active deposits, the service charges, if any, the depository may make for its services, and other terms or conditions of the depository's acceptance of the City's active deposits.
   (e)   The limitations on the aggregate amounts of public moneys that may be on deposit with eligible depositories as set forth in the Uniform Depository Act shall apply under this chapter.
(Ord. 95-1981. Passed 10-5-81; Ord. 153-2021. Passed 12-6-21.)
179.04 SECURITY FOR REPAYMENT OF DEPOSITS.
   (a)   The Director of Finance, before making the initial deposit in a public depository pursuant to an award made under Section 179.03 or pursuant to an investment in a certificate of deposit under Section 179.05(b)(7) shall require the institution designated as the depository to pledge to and deposit with him, as security for the repayment of all public moneys to be deposited in the depository during the period of designation pursuant to the award, eligible securities of aggregate market value equal to the excess of the amount of public moneys to be at the time so deposited, over and above such portion or amount of such moneys as is at such time insured by the Federal Deposit Insurance Corporation or by any other agency or instrumentality of the federal government or of the State of Ohio as may be approved by the Mayor and Director of Law, or the Director of Finance may require such institution to deposit with him surety company bonds or other insurance policies approved by the Mayor and Director of Law which, when executed, shall be for an amount equal to such excess amount. In the case of any deposit other than the initial deposit made during the period of designation, the amount of the aggregate market value of securities required to be pledged and deposited, or of the surety company bonds required to be deposited or the other insurance coverage required, shall be equal to the difference between the amount of public moneys on deposit in such public depository plus the amount to be so deposited, minus such portion or amount of the aggregate as is at the time insured as provided in this section. The Director of Finance may require additional eligible securities to be deposited to provide for any depreciation which may occur in the market value of any of the securities so deposited.
   (b)   The following securities shall be eligible for the purposes of this section:
      (1)   Bonds, notes or other obligations of the United States; or bonds, notes or other obligations guaranteed as to principal and interest by the United States or those for which the faith of the United States is pledged for the payment of principal and interest thereon, by language appearing in the instrument specifically providing such guarantee or pledge and not merely by interpretation or otherwise;
      (2)   Bonds, notes, debentures or other obligations or securities issued by any federal government agency, or the export-import bank of Washington; bonds, notes or other obligations guaranteed as to principal and interest by the United States or those for which the faith of the United States is pledged for the payment of principal and interest thereon, by interpretation or otherwise and not by language appearing in the instrument specifically providing such guarantee or pledge;
      (3)   Bonds and other obligations of this State;
      (4)   Bonds and other obligations of any county, township, school district, municipal corporation, including the City or other legally constituted taxing subdivision of this State, which is not at the time of such deposit, in default in the payment of principal or interest on any of its bonds or other obligations, for which the full faith and credit of the issuing subdivisions is pledged;
      (5)   Bonds of other states of the United States which have not during the ten (10) years immediately preceding the time of such deposit defaulted in payments of either interest or principal on any of their bonds; and
      (6)   Obligations guaranteed as to principal and interest by the Ohio student loan commission.
   (c)   If the depository fails to pay over any part of the deposit made therein as provided by law, the Director of Finance shall sell at public sale any of the bonds or other securities deposited with him pursuant to this section or Ohio R.C. 131.09. Thirty (30) days' notice of such sale shall be given in a newspaper of general circulation at the county seat of the county in which the office of the Director is located. Pursuant to Ohio R.C. 135.18(C), when a sale of bonds or other securities has been so made and upon payment to the Director of the purchase money, the Director shall transfer such bonds or securities whereupon the absolute ownership of such bonds or securities shall pass to the purchasers, and any surplus remaining after deducting the amount due the State or subdivision and expenses of sale shall be paid to the depository.
   (d)   An institution designated as a depository may, by written notice to the Director designate a qualified trustee and deposit the eligible securities required by this section with the trustee for safekeeping for the account of the Director and the institution as a depository, as their respective rights to and interests in such securities under this section may appear and be asserted by written notice to or demand upon the trustee pursuant to Ohio R.C. 135.18(D). In such case, the Director shall accept the written receipt of the trustee describing the securities which have been deposited with the trustee by the depository, a copy of which shall also be delivered to the depository. Thereupon all such securities so deposited with the trustee are, pursuant to Ohio R.C. 135.18(D), deemed to be pledged with the Director of Finance and to be deposited with him, for all the purposes of this section.
   (e)   Council may make provisions for the exchange and release of securities and the substitution of other eligible securities therefor except where the depository has deposited eligible securities with a trustee for safekeeping as provided in this section.
   (f)   When the depository has deposited eligible securities described in subsection (b)(1) hereof with a trustee for safekeeping, the depository may at any time substitute or exchange eligible securities described in subsection (b)(1) having a current market value equal to or greater than the current market value of the securities then on deposit and for which they are to be substituted or exchanged, without specific authorization from Council or the Director of such substitution or exchange.
   (g)   When the depository has deposited eligible securities described in subsection (b)(2) to (6) hereof with a trustee for safekeeping, the depository may at any time substitute or exchange eligible securities having a current market value equal to or greater than the current market value of the securities then on deposit and for which they are to be substituted or exchanged without specific authorization of Council or the Director of any such substitution or exchange only if:
      (1)   The Director has authorized the depository to make such substitution or exchange on a continuing basis during a specified period without prior approval of each substitution or exchange. Such authorization may be effected by the Director sending to the trustee a written notice stating that substitution may be effected on a continuing basis during a specified period which shall not extend beyond the end of the period of designation during which the notice is given. The trustee may rely upon such notice and upon the period of authorization stated therein and upon the period of designation stated therein.
      (2)   No continuing authorization for substitution has been given by the Director, the depository notifies the Director and the trustee of an intended substitution or exchange, and the Director fails to object to the trustee as to the eligiblity or market value of the securities being substituted within ten (10) calendar days after the date appearing on the notice of proposed substitution. The notice to the Director and to the trustee shall be given in writing and delivered personally or by certified or registered mail with a return receipt requested. The trustee may assume in any case that the notice has been delivered to the Director. In order for objections of the Director to be effective, receipt of the objections shall be acknowledged in writing by the trustee.
      (3)   The Director gives written authorization for a substitution or exchange of specific securities.
   (h)   The depository shall notify the Director of any such substitution or exchange under subsection (g)(1) or (2) hereof. Upon request from the Director, the trustee shall furnish a statement of the securities pledged against such public deposits.
   (i)   Pursuant to Ohio R.C. 135.18(I), any federal reserve bank or branch thereof located in this State, without compliance with Ohio R.C. 1109.03, 1109.04, 1109.17 and 1109.18 or this chapter and without becoming subject to Ohio R.C. 1109.15 or any other law of Ohio relative to the exercise by corporations of trust powers generally, is qualified to act as trustee for the safekeeping of securities, under this section. Pursuant to Ohio R.C. 135.18(I), any institution mentioned in Ohio R.C. 135.03 which holds a certificate of qualification issued by the superintendent of banks or any institution complying with Ohio R.C. 1109.03, 1109.04, 1109.17 and 1109.18, is qualified to act as trustee for the safekeeping of securities, other than those belonging to itself, under this section and such Ohio R.C. 135.18. Pursuant to Ohio R.C. 135.18, upon application to him in writing by any such institution, the superintendent of banks shall investigate the applicant and ascertain whether or not it has been authorized to execute and accept trusts in Ohio and has safe and adequate vaults and efficient supervision thereof for the storage and safekeeping within Ohio of such securities. If the superintendent finds that the applicant has been so authorized and does have such vaults and supervision thereof, he shall, pursuant to Ohio R.C. 135.18, approve the application and issue a certificate to that effect, the original or any certified copy of which shall be conclusive evidence that the institution therein named is qualified to act as trustee for the purposes of this section with respect to securities other than those belonging to itself.
   Notwithstanding the fact that a depository is required to pledge eligible securities in certain amounts to secure deposits of public moneys, a trustee shall have no duty or obligation to determine the eligibility, market value or face value of any securities deposited with the trustee by a depository. This applies in all situations including, without limitation, a substitution or exchange of securities.
   Pursuant to Ohio R.C. 135.18, any charges or compensation of a designated trustee for acting as such under this section shall be paid by the depository and in no event shall be chargeable to the City or to the Director or to any officer of the City. Pursuant to Ohio R.C. 135.18, such charges or compensation shall not be a lien or charge upon the securities deposited for safekeeping prior or superior to the rights to and interests in such securities of the City or of the Director. Pursuant to Ohio R.C. 135.18 the Director and his bondsmen or surety shall be relieved from any liability to the City or to the depository for the loss or destruction of any securities deposited with a qualified trustee pursuant to this section.
(Ord. 95-1981. Passed 10-5-81; Ord. 153-2021. Passed 12-6-21.)
179.041 POOLING OF SECURITIES.
   (a)   In lieu of the pledging requirements prescribed in Section 179.04, an institution, with the consent of the Director of Finance, may pledge a single pool of eligible securities to secure the repayment of public moneys deposited in the institution and not otherwise secured pursuant to law, provided that at all times the total value of the securities so pledged, based on the valuations prescribed in subsection (b) hereof, is at least equal to 110 percent (110%) of the total amount of all public deposits to be secured by the pooled securities, including the portion of such deposits covered by any federal deposit insurance. Each such institution shall carry in its accounting records at all times a general ledger or other appropriate account of the total amount of all public deposits to be secured by the pool, as determined at the opening of business each day, and the total value of securities pledged to secure such deposits.
   (b)   The following securities, at the specified valuations, shall be eligible as collateral for the purposes of subsection (a) hereof, provided no such securities pledged as collateral are at any time in default as to either principal or interest:
      (1)   Obligations of or fully insured or fully guaranteed by the United States or any federal government agency: at face value;
      (2)   Obligations partially insured or partially guaranteed by any federal government agency: at face value;
      (3)   Obligations of or fully guaranteed by the federal national mortgage association or the federal home loan mortgage corporation: at face value;
      (4)   Obligations of any state, county, municipal corporation or other legally constituted authority of any state or any instrumentality of any state, county, municipal corporation or other authority, which are secured as to the payment of principal and interest by the holding in escrow of obligations of the United States for which the full faith and credit of the United States is pledged: at face value;
      (5)   Obligations of the State of Ohio or any county or other legally constituted authority of the State of Ohio or any instrumentality of the State of Ohio or such county or other authority: at face value;
      (6)   Obligations of any other state: at ninety percent (90%) of face value;
      (7)   Obligations of any county, municipal corporation or other legally constituted authority of any other state or any instrumentality of such county, municipal corporation or other authority: at eighty percent (80%) of face value;
      (8)   Notes representing loans made to persons attending or planning to attend eligible institutions of education and to their parents, and insured or guaranteed by the United States or any agency, department or other instrumentality thereof, or guaranteed by the Ohio student loan commission pursuant to Ohio R.C. 3351.05 to 3351.14: at face value;
      (9)   Any other obligations the Director of Finance approves: at the percentage of face value he prescribes.
   (c)   The City shall have an undivided security interest in the pool of securities pledged by an institution pursuant to subsection (a) hereof in the proportion that the total amount of the City's public moneys secured by the pool bears to the total amount of public deposits so secured.
   (d)   An institution pledging pooled securities shall designate a qualified trustee and deposit with the trustee for safekeeping the eligible securities pledged pursuant to subsection (a) hereof. The institution shall give written notice of the qualified trustee to the Director of Finance. The Director shall accept the written receipt of the trustee describing the pool of securities so deposited by the institution, a copy of which also shall be delivered to the institution.
   (e)   Any federal reserve bank or branch thereof located in the State of Ohio, without compliance with Ohio R.C. 1109.03, 1109.04, 1109.17 and 1109.18 and without becoming subject to Ohio R.C. 1109.15 or any other law of the State of Ohio relative to the exercise by corporations of trust powers generally, is qualified to act as trustee for the safekeeping of securities, under this section. Any institution mentioned in Ohio R.C. 135.03(A) or 135.32(A) which holds a certificate of qualification issued by the superintendent of banks or any institution complying with Ohio R.C. 1109.03, 1109.04, 1109.17 and 1109.18 is qualified to act as trustee for the safekeeping of securities under this section, other than those belonging to itself or to an affiliate as defined in Ohio R.C. 1101.01(A). Upon application to him in writing by any such institution, the superintendent shall investigate the applicant and ascertain whether or not it has been authorized to execute and accept trusts in the State of Ohio and has safe and adequate vaults and efficient supervision thereof for the storage and safekeeping of such securities. If the superintendent finds that the applicant has been so authorized and does have vaults and supervision thereof, he shall approve the application and issue a certificate to that effect, the original or any certified copy of which shall be conclusive evidence that the institution named therein is qualified to act as trustee for the purposes of this section with respect to securities other than those belonging to itself or to an affiliate.
   (f)   The institution at any time may substitute, exchange or release eligible securities deposited with a qualified trustee pursuant to this section, provided that such substitution, exchange or release does not reduce the total value of the securities, based on the valuations prescribed in subsection (b) hereof, to an amount that is less than 110 percent (110%) of the total amount of public deposits as determined pursuant to subsection (a) hereof.
   (g)   Notwithstanding the fact that an institution is required to pledge eligible securities in certain amounts to secure deposits of public moneys, a trustee shall have no duty or obligation to determine the eligibility, market value or face value of any securities deposited with the trustee by an institution. This applies in all situations including, but not limited to, a substitution or exchange of securities, but excluding those situations effectuated by subsection (h) hereof, in which the trustee is required to determine face and market value.
   (h)   If the institution fails to pay over any part of the public moneys made therein as provided by law and secured pursuant to subsection (a) hereof, the Director of Finance shall give written notice of this failure to the qualified trustee holding the pool of securities pledged against public moneys deposited in the institution, and at the same time shall send a copy of this notice to the institution. Upon receipt of such notice, the trustee shall transfer to the Director of Finance for public sale such of the pooled securities as may be necessary to produce an amount equal to the deposits made by the Director and not paid over, less the portion of such deposits covered by any federal deposit insurance, plus any accrued interest due on such deposits; however, such amount shall not exceed the City's proportional security interest in the market value of the pool as of the date of the institution's failure to pay over the deposits, as such interest and value are determined by the trustee. The Director of Finance shall sell at public sale any of the bonds or other securities so transferred. Thirty (30) days' notice of such sale shall be given in a newspaper of general circulation in the City. When a sale of bonds or other securities has been so made and upon payment to the Director of Finance of the purchase money, the Director shall transfer such bonds or securities whereupon the absolute ownership of such bonds or securities shall pass to the purchasers. Any surplus after deducting the amount due the City and expenses of sale shall be paid to the institution.
   (i)   Any charges or compensation of a designated trustee for acting as such under this section shall be paid by the institution and in no event shall be chargeable to the City or Director of Finance. Such charges or compensation shall not be a lien or charge upon the securities deposited for safekeeping prior or superior to the rights to and interests in such securities of the City or Director of Finance. The Director and his bondsmen or security shall be relieved from any liability to the City or to the institution for the loss or destruction of any securities deposited with a qualified trustee pursuant to this section.
   (j)   In lieu of placing its unqualified endorsement on each security, an institution pledging securities pursuant to subsection (a) hereof that are not negotiable without its endorsement or assignment may furnish to the qualified trustee holding the securities as appropriate resolution and irrevocable power of attorney authorizing the trustee to assign the securities. The resolution and power of attorney shall conform to such terms and conditions as the trustee prescribes.
   (k)   Upon request of the Director of Finance, an institution shall report the amount of public moneys deposited by the Director and secured pursuant to subsection (a) hereof, and the total value, based on the valuations prescribed in subsection (b) hereof, of the pool of securities pledged to secure public deposits held by the institution, including those deposited by the Director of Finance. Upon request of the Director, a qualified trustee shall report such total value of the pool of securities deposited with it by the institution and shall provide an itemized list of the securities in the pool. These reports shall be made as of the date the Director of Finance specifies.
(Ord. 63-1983. Passed 5-2-83.)
179.05 INVESTMENTS.
   (a)   All public moneys of the City not deposited in active deposits or kept by the Director of Finance as a cash reserve as may be prescribed by the Mayor, shall be invested by the Director pursuant to this section, and investments shall not be limited to such moneys which will not be needed for a period of six (6) months.
   (b)   The Director may invest in any of the following classifications of obligations, which are hereby determined to be eligible for investment:
      (1)   Bonds, notes or 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 of Ohio;
      (5)   Bonds and notes of any municipal corporation, including the City, county, township or other political subdivisions of Ohio as to which there is no default of principal, interest or coupons;
         (Ord. 95-1981. Passed 10-5-81; Ord. 153-2021. Passed 12-6-21.)
      (6)   The Director may enter into a repurchase agreement with any eligible institution mentioned in Ohio R.C. 135.03, or with any qualified securities' dealer provided that in the latter case such securities subject to repurchase shall be safekept with a qualified trustee as provided in Ohio R.C. 135.18. Under the terms of such agreement, the Director of Finance purchases for the City, and such institution agrees unconditionally to repurchase any of the securities listed in subsections (b)(1) or (2) hereof that will mature or are redeemable within five (5) years from the date of purchase; and
         (Ord. 128-1983. Passed 10-3-83.)
      (7)   Certificates 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 City's active deposits, provided that such investments shall be approved in writing by the Mayor and Director of Law and that such approval by the Mayor and Director of Law shall also include approval of the insurance provided to secure and protect the City's ability to recover the principal deposited in such deposit account.
      (9)   Shares of the State Treasury Asset Reserve of Ohio, commonly known as STAR Ohio.
   (c)   The Mayor may order the Director of Finance to sell any of the securities, obligations or certificates of deposit or to close any accounts held as investments. Such order shall be in writing and shall specifically describe the securities, obligations, certificates of deposit or accounts and fix the date on which they are to be sold or closed. Securities, obligations, certificates of deposit or accounts ordered to be sold or closed by the Mayor shall be sold or closed for cash by the Director on the date fixed in the Mayor’s order at the then current market price.
   (d)   The Director may sell any securities, obligations or certificates of deposit or close any accounts held as investments without the written order of the Mayor mentioned in subsection (c) hereof for cash and for a sum not less than their current market price.
   (e)   The Director of Finance, Mayor, Director of Law and 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 subsections (c) or (d) 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 City.
   (f)   Investments authorized by subsection (b) hereof shall not be made at a price in excess of the current market price. The members of Council, Mayor, Director of Law and Director of Finance 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, Mayor and Director of Law shall not be personally liable for any unauthorized investment by the Director of Finance.
   (g)   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 as such.
   (h)   The Director is responsible for the safekeeping of all securities, obligations or certificates of deposit acquired by him under this section. Any of such securities, obligations or certificates of deposit may be deposited for safekeeping with a qualified trustee as provided in Ohio R.C. 135.18, except the delivery of securities acquired under a repurchase agreement shall be made to a qualified trustee. If securities, obligations or certificates of deposit are not deposited with a qualified trustee, they shall be in the custody of the Director and 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 or a person duly authorized as the Acting Director of Finance in the presence of one (1) 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 reason 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.
   Interest earned on any investments, including certificates of deposit, authorized by this section shall be collected by the Director and credited by him to the proper fund of the City as required by law.
   (i)   Upon the expiration of the term of office of the Director or in the event of a vacancy in the office of the Director by reason of death, resignation, removal from office or otherwise, the Director 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 shall be credited with and his successor shall be charged with the amount of money invested in such securities, obligations and certificates of deposit.
   (j)   Whenever securities, obligations or certificates of deposit acquired under this section mature and become due and payable, the Director 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.
   (k)   The Director shall maintain accounts in which he shall make appropriate entries of all transactions relating to the investment of treasury funds. The Director shall keep a record of the number and maturity of interest coupons on instruments in which the City has invested.
   (l)   On and after January 1, 1982, the Director shall provide to the Mayor and each member of Council monthly statements showing the deposits, withdrawals and balances in the various depositories of the City; and, upon request of the Mayor or Council, shall provide periodic reports, in such detail as required by Council or the Mayor, of all investments purchased, sold and held.
(Ord. 95-1981. Passed 10-5-81; Ord. 153-2021. Passed 12-6-21.)
179.06 MISCELLANEOUS PROVISIONS.
   (a)   The Director of Finance, Mayor, Director of Law and members of Council and their bondsmen or sureties shall be relieved from any liability for the loss of any public moneys deposited or invested pursuant to and in compliance with this chapter, including, but not limited to losses occasioned by the failure of any depository.
   (b)   Ohio R.C. 731.55 shall be applicable to the City and the insurance authorized by such section may be procured by the Mayor and the costs of such insurance shall be paid by the City.
(Ord. 95-1981. Passed 10-5-81; Ord. 153-2021. Passed 12-6-21.)