(A) There is hereby created a Deposit and Investment Board consisting of the Mayor, Finance Director and Law Director.
(B) The Deposit and Investment Board shall deposit and invest the monies of the municipality in the manner and as provided by the ordinances and resolutions of the municipality. If ordinances and resolutions providing for the deposit and investment of the monies of the municipality do not exist or are not adopted, those monies shall be deposited and invested in the manner provided by the laws of Ohio until otherwise provided by the ordinances and resolutions of the municipality.