The Council shall by ordinance provide for the custody of all funds of the Village and for the deposit of funds in a bank or banks. Such depository need not be determined by competitive bidding, but the depository shall furnish such proper security as the Council may determine.
All funds received on behalf of the Village by any officer, employee, or agent thereof, shall be promptly paid over to Director of Finance, and by him promptly placed in a depository bank, but the Council may authorize such sums as it deems proper to be kept in cash for the daily operation of any department or office.
The Director of Finance may invest monies of the Village in bonds or notes of this Village in such manner as is now or hereafter authorized by general law, or by this Charter or ordinance enacted pursuant to it; or, when authorized by Council, in such other obligations as are now or hereafter may be permitted by general law, or, when authorized by Council, in other obligations of the United States or of the State of Ohio which are convertible into cash at the instance of the Village in not more than one hundred (100) days, or, when authorized by Council, in savings accounts in banks or loan company members of the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, with or without competitive bidding, as Council may determine; provided all funds shall be withdrawable by the Village upon more than sixty (60) days’ notice. (Amended November 6, 2007.)