(a) Active funds. On estimate duly made by the Director of Finance, monies of the city, aggregating in the maximum amount of five million dollars ($5,000,000) shall be awarded as active deposits to Chase Bank, Charter One Bank, First Merit Bank N.A., Key Bank, Huntington National Bank and PNC Bank. The Mayor and the Director of Finance are hereby authorized to enter into such depository contracts with the above-mentioned depositories containing such provisions as they deem necessary in order to accomplish the purposes for which these designations are made. Such awards shall be for a five-year period from the effective date of this legislation.
(b) Inactive and interim funds. On estimate duly made by the Director of Finance, monies of the city, aggregating in the maximum amount of five million dollars ($5,000,000) shall be awarded as interim and inactive deposits to Chase Bank, Charter One Bank, First Merit Bank N.A., Key Bank, Huntington National Bank and PNC Bank, as depositories of all inactive and interim funds for the city for the period of February 2, 2017 through February 1, 2018, and the Director of Finance is hereby authorized to deposit from time to time, as available, the inactive and interim funds of the city in any such depository or depositories as will, in his judgment, provide the best terms for the city at the time of such deposit.
(c) Compliance. Such depositories as listed in divisions (a) and (b) of this section shall comply with the provisions set forth in R.C. Chapter 135 relating to securities to be given to secure the active deposits, inactive deposits and interim deposits.
(Res. 06-R-67, passed 1-3-2007; Am. Ord. 11-O-60, passed 12-19-2011; Am. Ord. 12-O-37, passed 7-2-2012; Am. Ord. 12-O-57, passed 12-17-2012; Am. Ord. 16-O-49, passed 12-19-2016)