(a) The deposit and investment of Municipal funds shall be conducted in such a manner as to guarantee the total safety of Municipal money, meet the cash flow requirements of Municipal operations and provide a maximum return on deposits and investments consistent with the other provisions of this section.
(b) The Finance Director shall, with the consultation of the Mayor and Law Director, determine the amount, type and length of time of all deposits and investments of Village money within the perimeters of this section.
(c) All Village money shall be deposited at eligible depositories having offices within this Village and in accordance with the provisions of Ohio R.C. Chapter 135 known as the Uniform Depository Act. In the alternative, Village money may be deposited in the State Treasurer’s Investment Pool (Star Ohio) in accordance with the provisions of Ohio R.C. 135.45- 135.46 or in any other program where the deposit or investment is fully guaranteed as to principal and interest by the State of Ohio or the United States. (Ord. 03-18. Passed 5-5-03.)
(d) No deposit or investment shall have a maturity date of more than five years from the date of deposit or investment without the approval of the Deposit and Investment Board.
(e) The Finance Director shall diversify all deposits and investments to the extent permitted by law in order to meet the cash flow requirements of the Municipality and minimize the risk of loss from default by any depository institution.
(f) The Finance Director shall report at least quarterly to the Deposit and Investment Board and to the Finance Committee of Council on the status and results of all deposits and investments.
(1980 Code 35.10)