The Finance Director must invest on behalf of and in the name of the City in the following instruments at a price not exceeding their fair market value:
(a) Government Securities, including: Negotiable direct obligations of the United States or obligations issued by Federal agencies the principal of and interest on which are unconditionally guaranteed by the United States, and bonds, notes, debentures, or other obligations or securities issued by any federal government agency, whether or not they are guaranteed by the United States, including but not limited to Treasury Bills and Treasury Notes.
(b) Non-Negotiable interest bearing time certificates of deposits and savings accounts in banks organized under the laws of this State, national banks organized under the laws of the United States doing business and situated in this State, savings and loan associations under State supervision, or savings and loan associations located in this State and organized under Federal law and under federal supervision, provided that any such deposits and savings accounts are secured by collateral as provided in Section 107.05.
(c) Negotiable interest bearing time certificates of deposit issued by institutions which are ranked nationally as being in the top one hundred (100) in asset and deposit size within their industry, provided that any such deposits are secured by collateral as provided in Section 107.05.
(d) Bankers Acceptances which are eligible for purchase by the Federal Reserve System and which are issued by institutions which are ranked nationally as being in the top fifty (50) in asset and deposit size within their industry.
(e) Repurchase agreements of a bank organized under the laws of the United States or the State of Ohio thereof that are fully secured by obligations of the United States government.
(Ord. 2006-075. Passed 8-14-06.)