There is hereby established an Unclaimed Funds Account to which shall be deposited funds which by definition under Ohio law are unclaimed funds which the Village owes a person or entity, but for some reason that person or entity has not accepted the money or cannot be located. Funds deposited to such account shall remain on deposit for a period of five (5) years allowing an opportunity for the funds to be properly claimed. If the funds remain unclaimed after such period of time, consistent with the process under Ohio law, such funds shall be forfeited and appropriated to the General Fund of the Village. Periodically as requested by Council or the Finance Committee of Council, the Village Fiscal Officer shall give an accounting for such funds.
(Ord. 2019-7. Passed 5-13-19.)