(a) The Finance Director is hereby authorized to invest inactive funds of the City in certificates of deposit in an amount not to exceed one hundred four thousand three hundred thirty three dollars ($104,333). The investment authorized herein shall be made with each eligible institution desiring to be a public depository of the inactive funds of the City and which is designated as a public depository by ordinance of Council.
(b) The Finance Director is hereby authorized to invest interim and active funds of the City in an amount not to exceed ten million dollars ($10,000,000) in certificates of deposit or repurchase agreements for a period not to exceed six months with any eligible institution which is designated as a public depository in the State of Ohio.
(c) The Finance Director shall submit a monthly report to Council of the amount of inactive funds invested, the name of the authorized public depository and the income derived from the investment of such inactive funds.
A similar monthly report shall be made to Council by the Finance Director concerning all interim funds invested. (Ord. 1982-40. Passed 4-21-82.)