(a) Pursuant to Ohio R. C. 731.56 et seq. , there is hereby established the Treasury Investment Account which shall be maintained by the Auditor. Such account shall record all transactions relating to the investment of treasury funds. The Auditor shall maintain a record and furnish to the City Treasurer a duplicate of all items entered thereon, showing all bonds or other securities purchased or sold for the Treasury Account, with the number, maturity, date and interest rate of each. The Auditor shall keep a record of the number and maturity of interest coupons if any, and whenever any such security or interest coupons are due, he shall issue his order for their collection in the same manner as other receipts are collected.
(b) The Auditor shall forthwith submit to the Mayor and to the Law Director a statement of monies in the treasury or in the process of collection, and a schedule showing the probable requirements; of money for the use of the City for a period of no less than six months, or as the Mayor shall direct, together with a recommendation as to whether any monies in the treasury shall be invested in such obligations as described hereinafter. Such statements and schedules shall be made from time to time hereafter as additional monies accumulate for investment.
(c) After each such statement and schedule is submitted, the Mayor, the Law Director and the Auditor may thereupon order such investments at no more than the current market value as they deem it advisable in the interest of the City, without advertisement therefor. Whenever it is necessary to convert any such investment into cash, it shall be done by first offering the obligations held by the City to the City Treasurer as the officer in charge of the Bond Retirement Fund of the City and the successor to the Sinking Fund Commission, and if the City Treasurer declines to take any of them, they shall be sold pursuant to law for not less than current market value.
(d) Monies in the treasury of the City which are not required to be used by the City for a period of six months or more may in lieu of being deposited in a bank, be invested in obligations of the City, in bonds or other obligations of the United States or those for the payment of principal and interest of which the faith of the United States is pledged, discount notes of the federal national mortgage association, bonds issued by the home owners' loan corporation pursuant to the "Home Owners Loan Act of 1933" 48 St. 128.12 U.S.C. 1461 and the amendments thereto, bonds of this state, and bonds of any municipal corporation, village, county, township, or other political subdivision of this state, as to which there is no default of principal, interest, or coupons. Such investments shall not be made at a price in excess of the current market value of such bonds or other interest bearing obligations.
(e) All income earned by the funds in the Treasury Investment Account shall be paid into the City General Fund.
(Ord. 68-57. Passed 9-12-68.)