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(a) The Director of Finance shall determine the amount of public moneys which shall be available in active deposits to provide the needed cash flow to pay warrants and checks issued and outstanding, and to provide for a reasonable surplus in addition to the amount needed to pay such warrants and checks, and maximize the interest received on public moneys of the City. Interest on active deposits shall be paid or credited by the City’s designated eligible depositories at least quarterly and when funds are withdrawn, computing the time of payment from the date of deposit. No service charge shall be made by a designated eligible depository against an active deposit or collected from or paid by the Director of Finance unless such service charge is the same as is customarily imposed by institutions receiving money on deposit, subject to check, in which event the Director of Finance may pay such charge. All public moneys of the City not deposited in active deposits shall be invested pursuant to Section 129.101.
(b) The Director of Finance shall, by a writing filed with the Clerk of Council, designate one or more eligible depositories as the depository or depositories of the City’s active deposits. When more than one eligible depository is designated, the active deposits shall be allocated among the eligible depositories from time to time at the sole discretion of the Director of Finance. The Director of Finance shall consider the following in making the designation:
(1) The rate or rates of interest paid on active deposits;
(2) The convenience of the location of the depository’s offices;
(3) The service charges, if any, that will be made for the services of the depository; and
(4) Any other terms or conditions with respect to the depository s acceptance of the City’s active deposits.
(c) The initial designation of depositories for the City’s active deposits shall be for a period not to exceed six months and shall be made without giving the notice hereinafter provided for. Subsequent designations of depositories for the City’s active deposits shall be for a period specified in the Director of Finance’s written designation of depositories pursuant to subsection (b) hereof, which period shall not be less than six months nor longer than five years; and shall be made after the Director of Finance has provided written notice by first-class mail to the eligible depositories having an office in the City, and such other eligible depositories as determined by the Director of Finance, at least sixty days prior to the date of the action of the Director of Finance designating depositories for the City’s active deposits. Such notice shall: provide an estimate of the maximum amount of such active deposits at any time during the period of designation and the proposed period of designation or alternative proposed periods of designation; request such depositories to apply in writing for all or part of the City’s active deposits on or before a date and time specified in the notice; request such depositories to state in their application the amount of such active deposits that will be accepted by it; the rate or rates of interest, if any, that will be paid on such active deposits; the service charges, if any, that will be made for its services, other terms or conditions with respect to the depository’s acceptance of all or part of the City’s active deposits and the location of its offices in the City or, if none are located in the City, the location of its nearest offices, and include or request any other information to or from such depositories which the Director of Finance deems relevant.
(Ord. 60-08. Passed 7-7-08.)
(d) The Director of Finance shall enter into a contract, approved as to form and content by the Director of Law, with such depositories for the appropriate period determinated pursuant to subsection (c) hereof. Such contract shall establish the rate or rates of interest, if any, to be paid by the depository on the City’s active deposits, the service charges, if any, the depository may make for its services, and other terms or conditions of the depository’s acceptance of the City’s active deposits.
(e) The limitations on the aggregate amounts of public moneys that may be on deposit with eligible depositories as set forth in the Uniform Depository Act shall apply under this chapter.
(Ord. 44-85. Passed 11-18-85.)
(a) All public moneys of the City not deposited in active deposits or kept by the Director of Finance as a cash reserve as may be prescribed by the Director of Finance shall be invested by the Director of Finance or his designee pursuant to this section.
(Ord. 44-85. Passed 11-18-85.)
(b) The Director of Finance or his designee may invest in any of the following classifications of obligations which are hereby determined to be eligible for investment:
(1) Bonds, notes or other obligations of or guaranteed by the United States, or those for which the faith of the United States is pledged for the payment of principal and interest thereon;
(2) Bonds, notes, debentures or other obligations or securities issued by any federal government agency or the export-import bank of Washington;
(3) Discount notes of the federal national mortgage association and bonds issued by the homeowners' loan corporation as defined in Ohio R.C. 731.56;
(4) Bonds and notes of the State;
(5) Bonds and notes of any municipal corporation, including the City, county, township or other political subdivisions of Ohio as to which there is no default of principal, interest or coupons;
(6) The Director of Finance or his designee may enter into a repurchase agreement with any eligible institution mentioned in Ohio R.C. 135.03, if, and only if, under the terms of which agreement the Director of Finance or his designee purchases for the City and such institution agrees unconditionally to repurchase within a period of thirty days securities that are direct obligations of, or are fully guaranteed as to principal and interest by, the United States government or agencies thereof that will mature or are redeemable within five years from the date of purchase;
(7) Certificates of deposit of eligible depositories which may provide (and, if so, shall be shown on its face) that the amount of such deposit is payable upon written notice a specified period before the date of the repayment maturity;
(8) Insured deposit accounts in eligible depositories paying interest at a rate greater than the interest rate paid on the City's active deposits, provided that such investments must be approved in writing by the Director of Finance and Director of Law and that such approval by the Director of Finance and Director of Law shall also include approval of the insurance provided to secure and protect the City's ability to recover the principal deposited in such deposit account.
(9) The Treasurer's investment pool of the State, as defined in Ohio R.C. 135.45.
(10) The Secured Assets Fund Earnings Program (S.A.F.E.) of the Cuyahoga County Investment Committee.
(Ord. 82-92. Passed 9-8-92.)
(c) The Director of Finance or his designee may sell any securities, obligations or certificates of deposit or close any accounts held as investments for cash and for a sum not less than their current market price.
(d) The Director of Finance and his designees, the Mayor, the Director of Law and the members of Council shall not be held accountable or personally liable for any loss occasioned by the sale of securities, obligations or certificates of deposit or by the closing of insured deposit accounts authorized pursuant to subsection (c) hereof at prices lower than their cost or balance. Any loss or expense in making such sales or closings shall be payable as other expenses of the City.
(e) Investments authorized by subsection (b) hereof shall not be made at a price in excess of the current market price. The members of Council, the Mayor, the Director of Law and the Director of Finance and his designees, shall not be personally liable for or with respect to the purchase of securities, obligations or certificates of deposit or the deposit of public moneys in insured deposit accounts authorized as investments pursuant to subsection (b) hereof; and the members of Council, the Mayor and the Director of Law shall not be personally liable for any unauthorized deposit or investment by the Director of Finance or his designee.
(f) If any securities, obligations or certificates of deposit purchased under the authority of this section are issuable to a designated payee or to the order of a designated payee, the name of the Director of Finance and the title of his office shall be so designated. If any such securities, obligations or certificates of deposit are registrable either as to principal or interest, or both, then such securities shall be registered in the name of the Director of Finance as such.
(g) All securities, obligations or certificates of deposit acquired by the Director of Finance under this section shall be kept by him in a safe deposit box or vault belonging to an eligible depository, and such safe deposit box or vault shall be opened only upon a warrant or order of the Director of Finance or a person duly authorized as the Acting Director of Finance in the presence of one or more of the Director of Finance, Director of Law or Mayor or persons duly authorized as Acting Directors of Finance or Law or Acting Mayor. The warrant or order to open such safety deposit box or vault shall direct the deposit or removal of such securities, obligations or certificate of deposit, clipping of coupons or other official business reason for opening the box or vault. A report of what is placed in, removed from or other official business conducted shall, on the same day of the opening of the box or vault, be signed by the officer witnessing such opening and the Director of Finance, and such report shall be retained by the Director of Finance.
In lieu of such custody, the Director of Finance may deposit such securities, obligations or certificates of deposit with a qualified trustee as set forth in Ohio R. C. 135.18(I) or 135.181(F).
Notwithstanding the two preceding paragraphs, the Director of Finance is not required to take custody or provide for the deposit of securities acquired under a repurchase agreement.
Interest earned on any investments, including certificates of deposit, authorized by this section shall be collected by the Director of Finance and credited by him to the proper fund of the City as required by law.
(h) Upon the expiration of the term of office of the Director of Finance or in the event of a vacancy in the office of the Director of Finance by reason of death, resignation, removal from office or otherwise, the Director of Finance or his legal representative shall transfer and deliver to his successor all securities, obligations and certificates of deposit held by him. For the securities, obligations and certificates of deposit so transferred and delivered, such Director of Finance shall be credited with and his successors shall be charged with the amount of money invested in such securities, obligations and certificates of deposit.
(i) Whenever securities, obligations or certificates of deposit acquired under this section mature and become due and payable, the Director of Finance shall present them for payment according to their tenor, and shall collect the moneys payable thereon. The moneys so collected shall be treated as public moneys subject to the provisions of this chapter.
(j) The Director of Finance or his designee shall maintain accounts in which he shall make appropriate entries of all transactions relating to the investment of treasury funds. The Director of Finance or his designee shall keep a record of the number and maturity of interest coupons on instruments in which the City has invested.
(k) The Director of Finance shall, upon request of the Mayor or Council, provide periodic reports in such detail as required by Council or the Mayor of all investments purchased, sold and held. (Ord. 44-85. Passed 11-18-85.)
(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.)
Interest earned from the investment of any and all moneys of the City, except interest earned on moneys in the General and Special Assessment Bond Retirement Funds, the Federal Revenue Sharing Fund, all hospital funds and all improvement funds, shall be credited directly to the General Fund of the City. Interest earned on moneys in the aforementioned funds shall be credited to the fund in which the investment is made.
(Ord. 40-75. Passed 7-21-75.)
The Mayor and Director of Finance are hereby authorized and directed to obtain, on behalf of the City, insurance applicable to funds or securities in the possession or custody of any City official, substantially as follows, while on the premises:
Lakewood City Hall, 12650 Detroit Avenue, five thousand dollars ($5,000);
Lakewood Hospital, 14519 Detroit Avenue, five thousand dollars ($5,000); and while in transit by messenger from:
Lakewood City Hall, two thousand dollars ($2,000);
Lakewood Hospital, two thousand dollars($2,000).
(Ord. 4385. Passed 4-1-46.)
The insurance policies provided for in Section 129.12 shall be in such form, subject to the approval of the Director of Law, as may be obtainable to carry out the purposes and intent of this section and Section 129.12. They shall be for a period of at least three years, and the Director of Finance is hereby authorized and directed to pay the required premiums on the policy for Lakewood Hospital from the Hospital Fund and the premiums on the policy for the City Hall from the General Fund and Water Fund.
(Ord. 4385. Passed 4-1-46.)
(a) The Director of Finance is hereby authorized and directed to sell, through public internet auctions, on an as needed basis various obsolete, surplus and nonfunctioning City vehicles, materials and/or equipment.
(b) The Director of Finance shall engage a representative or representatives to conduct said internet auctions. Such representatives shall hold bidding for each item open for a period of not less than fifteen calendar days. All internet auction sales shall be final and all items shall be sold as is. (Ord. 38-07. Passed 4-16-2007.)
(c) In the event that an item is not sold after having been offered for sale by internet auction, the Director of Finance may dispose of the property by selling the item for its scrap value, or if the item has no scrap value by otherwise properly disposing of the item.
(Ord. 31-12. Passed 7-2-2012.)
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