Whenever there are moneys in the treasury of the City which will not be required to be used by the City for a period of six months or more, such moneys may, in lieu of being deposited in a bank, be invested in obligations of the City, 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, discount notes of the Federal national Mortgage Association, bonds issued by the Home Owners' Loan Corporation pursuant to the "Home Owners Loan Act of 1933," 48 Stat.128, 12 U.S.C.1461 and the amendments thereto, bonds of this State, and bonds 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. Such investments shall not be made at a price in excess of the current market 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 not less than their current market price, in the manner prescribed in Ohio R.C.731.57 to 731.59, inclusive.
(ORC 731.56)