(a) The Board of Trustees of the Cemetery Endowment Fund shall invest all moneys received by them in bonds of the United States of America, State of Ohio or of any municipal corporation, school, township or county bonds in Ohio, or in interest bearing certificates of deposit in financial institutions within Ohio authorized by law to accept deposits and subject to inspection by either the United States or Ohio. The Trustees shall hold in reserve only such sums as may be needed for affecting the needs of the endowment fund. All interest received by them shall be reinvested in like manner after current operating expenses have been met. All reserve funds shall be deposited only in one or more banks designated by Council as depositories for the general funds of the City.
(b) All investments of funds shall be made only by the affirmative action of a majority of the members of the Board and any reinvestment or sale of securities shall be subject to the aforesaid procedure. Money shall be drawn by check only signed by the City Auditor and attested by the President of the Board. All securities or evidences of debt held by the Trustees for the corporation shall be deposited with the depositary for general funds in a safety deposit box to which there shall be no admission except in the presence of at least three members of the Board.
(Ord. 98 (74-75). Passed 12-19-74.)
(Ord. 98 (74-75). Passed 12-19-74.)