(a) Such moneys which will not be required to be used by the Village shall, shall be in lieu of deposited in a bank, invested in the obligations of such municipal Corporation, in bonds or other obligations of the United States or those for the payment of principal and interest of which the faith of the United States is pledged, bonds issued by the State of Ohio and of any municipal Corporation, Village, County, Township, or other political subdivision of this State, as to which there is no default of principal, interest, or coupons.
(b) Such investments shall not be made at a price in excess of the current value of such bonds or other interest bearing obligations. Such bonds or other interest bearing obligations may be sold for cash and for a sum of not less than the current market price in the manner prescribed in Ohio R.C. 731.56 through 731.59 inclusive.
(c) Such investments shall be made and administered in accordance with the provisions of Ohio R.C. 731.56 through 731.59.
(d) The Treasury Investment Board provided for in Ohio R.C. 731.57 shall consist of the Mayor, the Village Council and the Fiscal Officer.
(1) The Fiscal Officer shall maintain an account to be known as the “Treasury Investment Account” in which the Fiscal Officer shall enter all transactions relating to the investment of treasury funds under Ohio R.C. 731.56 and 731.57 and shall maintain such record in accordance with Ohio R.C. 731.58.
(2) All moneys received as interest from the investment of these funds shall be deposited by the Fiscal Officer in the General Fund of the Village.
(Ord. 171. Passed 9-13-67.)