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(a) Council hereby makes the following findings with respect to the authorization and the establishment of the policies and procedures for the deposit and investment of public moneys in the City's Treasury:
(1) The authorization and establishment of such policies and procedures are powers of local self-government that may be exercised by the City through its ordinances under Sections 3 and 7 of Article XVIII of the Ohio Constitution and Article One of the City's Charter; and
(2) The authorization and establishment of such policies and procedures are in the best interests of the City and its citizens:
A. To provide a more efficient management of the City's moneys and investments; and
B. To enable the City to earn a greater yield on its investments and provide safeguards of the City's moneys.
(Ord. 39-17. Passed 6-18-2018.)
(b) lt is hereby determined that the Uniform Depository Act shall not apply to the City, except as it may be adopted by reference under this chapter, and further provided that Ohio R.C. 135.11, 135.17, 135.18, 135.181 and 135.19 shall apply to the City; provided that Ohio R.C. 135.181, providing for the pledge of a single pool of eligible securities to secure the repayment of public moneys deposited or invested, may be utilized by an eligible depository in lieu of the pledging requirements prescribed in Ohio R. C. 135.18, only if the Director of Finance, at his or her option, consents in writing to the use of such Section 135.181; however, it is further provided that the Director of Finance with respect to deposits or investments, in his or her discretion, may require additional security and provisions for pledging and perfecting liens and enforcement of liens on behalf of the City which are in addition to or in lieu of some or all of the provisions of Ohio R.C. 135.18 or 135.181. The failure or refusal of an eligible depository to accept or conform to such option or additional security or provisions shall constitute good cause for the Director of Finance to terminate, at his or her discretion, and without liability, any depository agreement or any executory contract to make an investment. The exercise by the Director of Finance of his or her discretionary option to allow the use of Ohio R.C. 135.181, shall not give rise to the personal liability of the Director of Finance in the event of any loss of public moneys deposited or invested and secured pursuant to such Section 135.181.
(c) Ohio R.C. 731.56 to 731.59, inclusive, shall not apply to the City, except as Ohio R.C. 731.59 is incorporated in part in Section 129.101(h) of this chapter and except as other provisions of such sections are incorporated in this chapter.
(d) It is hereby determined that the provisions of this chapter and the Uniform Depository Act shall not apply to the deposit or investment of funds authorized by an ordinance or a trust indenture pertaining to the authorization of general obligation bonds or special obligation bonds, including revenue bonds and mortgage revenue bonds, or notes in anticipation of such bonds. (Ord. 44-85. Passed 11-18-85.)