(a) The Director of Finance is hereby authorized to deposit inactive funds of the City in banks and savings and loan associations where deposits are insured by the Federal Savings and Loan Insurance Corporation and the Federal Deposit Insurance Corporation. (Adopting Ordinance)
(b) No deposit in any Federal savings and loan association shall exceed that amount insured by the Federal Savings and Loan Insurance Corporation.
(Ord. 1512. Passed 2-10-64.)
(c) Whenever there are moneys in the Treasury of the City 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 a bank or savings and loan association, be invested in accordance with the provisions of Ohio R.C. 731.56, 731.57, 731.58 and 731.59. Investments so purchased shall be sold in accordance with Ohio R.C. 731.57.
(Ord. 1362. Passed 3-23-59.)