(a) Whenever there are moneys in the Treasury of the City which will not be required to be used for a period of six months or more, such moneys may, in lieu of being deposited in a bank or banks, be invested in accordance with Ohio R.C. 731.56 through 731.59.
(b) The Director of Finance shall submit to the Mayor and to the Director of Law a statement of the moneys in the Treasury or in the process of collection, and a schedule showing the probable requirements of money for the use of the Municipality for such period of not less than six months, as the Mayor directs, together with a recommendation as to whether any such moneys shall be invested in such obligations as are referred to in Ohio R.C. 731.56. The Mayor, the Director of Law and the Director of Finance may thereupon order such investments of moneys in such obligations at not more than the current market value, as provided in Ohio R.C. 731.57.
(Ord. 1972-53. Passed 12-11-72.)