(a) Whenever there are moneys in the City Treasury which will not be required to be used for a period of six months or more, such moneys may, in lieu of being deposited in the bank or banks, be invested in accordance with the provisions of Ohio R.C. 731.57, 731.56, 731.58 and 731.59. Investments so purchased shall be sold in accordance with Ohio R.C. 731.57.
(Ord. 10. Passed 6-5-62.)
(b) Premiums and discounts on treasury investment purchases shall be credited to or charged against interest and amortized over the period from purchase to the date of maturity of the security. Gains and losses in the sale of treasury securities shall be credited to or paid from interest.
Interest realized by the treasury investment account shall be distributed to the General Fund, except that when moneys are designated by Council for a specific project, interest realized on such moneys shall be distributed to the fund from which the moneys were invested.
(Ord. 69-15. Passed 7-1-69. )