Awards of active or interim public funds of the city shall be made upon applications, including all information required by Ohio R.C. Chapter 135 to establish eligibility of the depository in general, and all information and conditions specified by this chapter with eligibility for deposit of city funds further limited as follows.
(a) The public depository must be situated in the county and satisfy all eligibility requirements of Ohio R.C. Chapter 135 and Chapter 171 herein.
(b) The public depository must rank in the top ten of all applicants when rated as the sum of points assigned as follows:
(1) Ten points for having one or more permanent offices situated in the city;
(2) Sixty points to be awarded to the applicant which invested the most funds during the last full calendar year in the city mortgage and improvement loans reported pursuant to § 171.07(a)(3) and the proportion of 60 points shall be awarded to the other applicants that their respective reported investment in the same category bears to the highest reporting applicant; and
(3) Thirty points to be awarded to the applicant which invested the highest percentage of real estate mortgage or improvement loans in the city reported pursuant to § 171.07(b) and the proportion of 30 points to the other applicants that their respective reported percentage of investment in the same category bears to the percentage of city investment of the highest reporting applicant.
(c) Active or demand deposits shall be made only with eligible national banks as described in Ohio R.C. 135.03 in proportion to their points of ranking in the top ten of all applicants pursuant to division (b) above by the Director of Finance as soon as practicable after award pursuant to division (e) below.
(d) Interim deposits, those bearing interest for terms of least 30 days and less than six months, shall be made by the Finance Director only with national banks or domestic building and loan associations described in Ohio R.C. 135.03 and ranking in the top ten applicants pursuant to division (b) above. The Director of Finance shall award interim deposits of funds not needed for current expenses, in the opinion of the Director of Finance, to the eligible depository quoting the highest interest rate and shall attempt to award such interim deposits to all eligible depositories in proportion to their points of ranking in the top ten of all applicants pursuant to division (b) above as cases of equal interest quotations arise.
(e) The Director of Finance shall advertise for applications to establish public depository eligibility and deposit awards respecting the active and interim funds of the city at least 30 days prior to the last regular Council meeting scheduled in August, requiring the filing of such applications to be made at least two weeks prior to such meeting to permit scheduling of applicant meetings pursuant to § 171.07(g). Declaration of eligibility and awards the Director of Finance at such August meeting of Council upon motion approved by a majority vote.
(Ord. 7325, passed 8-9-1979)