Council hereby adopts the following policies regarding the selection of depositories for City funds and the crediting of interest to those funds:
(a) Depositories Checking Accounts. The Finance Director shall with the approval of the City Manager contract with one or more Institutions having made application for such funds as Depositories of the City. In making such designation consideration shall be given to the following:
(1) The convenience of location of the depository’s office.
(2) Interest rates to be paid on deposits.
(3) Service charges to be made for processing transactions and other requested services.
(4) Availability to Services needed by the City of Milford.
(5) Security of City Deposits through proper Insurance (FDIC) or (FSLIC) and proper collateral coverage as provided for under Chapter 135 Ohio Revised Code.
(6) Compliance with other conditions required by the City of their depositories.
(b) Competitive Bidding of Checking Accounts. The City will competitively bid out checking and related services at least every five (5) years.
(c) Elimination of Depository.
(1) New Award based upon competitive bidding.
(2) Perceived financial difficulties of the financial institution.
(3) Noncompliance with contract.
(4) Move of financial institution to a business location inconvenient for City or hours of operation not compatible with city business.
(d) Crediting of Interest.
(1) Interest received from any source (checking or other City Investments) shall be credited by the Director of Finance in a fair and equitable manner. Interest income may be credited (based upon the investment) to a particular fund or to several funds. If credited to several funds it should be based upon proportionate fund balances. Interest shall be credited to any fund as required by law. Interest shall be credited to any new fund where ordinance mandates that interest should be credited.
(2) At this point in time interest is being credited to the following City Funds.
General Fund
Fire Levy Fund
EMS Levy Fund
Cemetery Closure Maintenance Fund based upon balance of this fund and Cemetery Fund
General Bond Retirement Fund
Capitol Improvement Fund ONLY for interest paid on funds owed to the City on Building Purchase
Land Purchase Fund
Water Revenue Fund
Sewer Revenue Fund
Water Improvement & Replacement Fund
Sewer Capitol Improvement Fund
(e) Policy Changes. The policies as stated herein may be changed only with the approval of Council.
(Ord. 03-269. Passed 5-7-03.)
(Ord. 03-269. Passed 5-7-03.)
(f) Policies Regarding the Deposit and Investment of Public Funds. Council hereby adopts the policies for the deposit and investment of public funds set forth on the attachment to Ordinance 03-270 and identified as “Investment and Deposit Policy” which attachment shall be fully incorporated herein by reference as if fully rewritten herein pursuant to and in accordance with Section 12.03 of the Milford City Charter. (Ord. 03-270. Passed 5-7-03.)