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§ 236.06 INVESTMENTS.
   (a)   Whenever there are moneys in the treasury of the village which are not required to be used by the village 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 village, in bonds or other obligations of the United States, or those for which the faith of the United States is pledged to pay the interest and principal thereof and thereon, bonds of the state and bonds of any village, city, county, township or other political subdivision of the state, as to which there is no default of principal, interest or coupons. Such investments shall not be made at a price in excess of the current market price of such bonds or other interest bearing obligations. Such bonds may be sold for cash and for a sum not less than their current market price, in the manner provided in R.C. §§ 731.57 to 731.59, inclusive.
   (b)   Whenever money in the treasury is to be invested as provided in division (a) hereof, the Clerk-Treasurer shall submit to the Mayor and the Solicitor a statement of money in the treasury or in the process of collection and a schedule showing the probable requirements of money for the use of the village for a period of not less than six months, together with a recommendation as to whether any moneys in the treasury shall be invested as hereinbefore set forth. The Mayor, Clerk-Treasurer and Solicitor may thereupon order such investments to be made, at not more than the current market value, as they deem advisable in the interest of the village. No investment shall be made except in obligations which have been passed upon and approved as to validity by a reputable firm of bond attorneys. Whenever it is necessary to convert such investments into cash, it shall be done as provided in R.C. § 731.57.
   (c)   The Clerk-Treasurer shall maintain an account, to be known as the Treasury Investment Account, in which he or she shall enter all transactions relating to the investment of funds as herein provided. He or she shall maintain a record showing all bonds or other securities purchased or sold for such account, with the number, maturity date and interest rate of each. The Clerk-Treasurer shall keep a record of the number and maturity date of all interest coupons, and whenever such securities or interest coupons are due he or she shall issue his or her order for their collection, in the same manner as other receipts are collected.
   (d)   Securities purchased shall be in the custody of the Clerk-Treasurer and shall be kept in a safe deposit box, to be opened only as provided in § 254.09, and only upon an order of the Clerk-Treasurer directing the deposit or removal of securities purchased or sold or the clipping of coupons for collection. A report of whatever is placed in or removed from such safe deposit box upon any such occasion shall be signed by the Clerk-Treasurer and the witness required by this division on the same day.
   (e)   Before the Mayor, Clerk-Treasurer and Solicitor enter upon their duties in investing funds in the Treasury Investment Account, they shall each furnish bond in the sum of $2,500, in accordance with the provisions of R.C. § 731.59, to cover any contingency in which an officer might become liable to the village.
(`80 Code, § 236.06) (Ord. 872, passed 5-7-62; Res. 1182, passed 8-20-73)