(a)   The Director of Finance and his designees, the Mayor, the Director of Law and members of Council and their bondsmen or sureties shall be relieved from any liability  for the loss of any public moneys deposited or invested pursuant to and in compliance with this chapter, including, but not limited to, losses occasioned by the failure of any depository.
   (b)   Ohio R.C. 731.55 shall be applicable to the City and the insurance authorized by such section may be procured by the Director of Finance and the costs of such insurance shall be paid by the City.  (Ord. 44-85.  Passed 11-18-85.)