Whenever there are moneys in the Treasury of the City which shall not be required to be used for a period of six months or more, such moneys may, in lieu of being deposited in a bank, be invested in obligations of the City, or bonds, treasury notes, certificates or other obligations of the United States of America or those for the payment of principal and interest for which the faith of the United States is pledged, and bonds of the State of Ohio and any political subdivisions of the State. Such investments shall not be made at a price in excess of the current market value of such bonds or other interest-bearing obligations. Such bonds or other interest-bearing obligations may be sold for cash and for a sum not less than their current market price, in the manner prescribed in Ohio R.C. 731.57 to 731.59, inclusive. The procedure for making such investments shall be that set forth in Ohio R.C. 731.57 and the Mayor, Director of Law and Director of Finance are authorized and empowered to act pursuant to such statute. The Director of Finance shall maintain a Treasury Investment Account as provided in Ohio R.C. 731.58 and shall be custodian of any securities purchased by reason hereof.
(Ord. 5-1958. Passed 1-6-58; Ord. 86-2012. Passed 6-4-12.)