(A) Whenever money in the City Treasury not needed for immediate use is proposed to be invested as provided in Section 262.01, the City Treasurer shall notify the other members of the Municipal Treasury Investment Board, furnishing such Board with a statement of funds in the Treasury with a recommendation as to the investment of such funds.
(B) Upon the unanimous written concurrence of all members of the Board, such funds may be invested in approved securities, as provided in Ohio R.C. 135.14, 135.45 and 731.56 to 731.59, and as listed in Ohio R.C. 135.14, at a price not exceeding the current market value of such investment.
(C) The City Treasurer may take any actions concerning said money necessary to implement the investment procedures authorized herein and consistent with any Board policy adopted pursuant to Section 282.02, and according to the authority granted by City Charter Section 79.
(D) Should all members of the Board fail to concur in the determination of the amount of funds available for such investment or in the type of securities in which such funds are proposed to be invested, then such investment shall not take place, unless Council, by appropriate legislative action, so directs.
(E) The provisions of this section shall also apply to any reinvestment of City funds not required for immediate use by the City.
(Ord. 186-97. Passed 1-26-98.)
(A) Except as otherwise stipulated by the express provisions of this chapter or Section 262.01, the requirements of Ohio R.C. 135.14, 135.45 and 731.56 to 731.59, inclusive, relative to municipal investments, shall be followed by the Municipal Treasury Investment Board.
(B) The Board may adopt policies and procedures consistent with the provisions of this chapter and Chapter 262 to efficiently carry out such investments. All of such policies and procedures shall require a unanimous written concurrence of all Board members and shall be forwarded to Council.
(Ord. 186-97. Passed 1-26-98.)