(a) All deposits of public funds will be collateralized pursuant to Ohio R.C. 135.37.
(b) In the event of a default by a public depository, the Fiscal Officer will provide thirty days notice in a newspaper of general circulation in Madison County before the obligations securing the public deposits are sold. Purchasers at the default sale will receive absolute title to the securities. Any proceeds received in excess of the amount in default will be paid to the defaulting depository.
(Res. 213-96. Passed 12-6-96.)