(A) The Fiscal Officer may invest on behalf of the and in the name of the village in only those instruments which appear on the List of Authorized Investment Instruments (§ 35.19) and only at a price not exceeding their fair market value. The List of Authorized Investment Instruments will be updated by the Fiscal Officer as necessary and will be kept on file in the Clerk-Treasurer's Office.
(B) Securities eligible for inclusion in the list of authorized investments are defined by R.C. §§ 135.14 and 135.45 and include:
(1) Bonds, notes or other obligations of or guaranteed by the United States, or those for which the faith of the United States is pledged for the payment of principal and interest thereon;
(2) Bonds, notes, debentures, or any other obligations or securities issued by any federal government agency or instrumentality;
(3) Deposits in eligible financial institutions;
(4) Bonds, notes, or other obligations of the State of Ohio.
(C) The State Treasury Asset Reserve of Ohio (STAR Ohio); effective July 1, 1997, the village may not invest in STAR Ohio if the fund does not maintain the highest letter ratings provided by at least one of the nationally recognized standard rating services.
(D) No-load money market mutual funds consisting exclusively of obligations described in divisions (B)(1) and (B)(2) above.
(E) Repurchase agreements with institutions which have executed a master repurchase agreement entered into between the village and that particular institution. Each master repurchase agreement will provide for:
(1) Collateralization of each repurchase agreement consisting exclusively of obligations described in divisions (B)(1) and (B)(2) above, and having a market value which is not less than 102% of the principal amount of each repurchase agreement plus accrued interest;
(2) Safekeeping of the collateral through a third party that is acceptable to the Fiscal Officer; and
(3) Settlement of each repurchase agreement on a delivery-versus-payment basis.
(F) Master repurchase agreements may provide for substitution of collateral by the broker/dealer with the agreement of the village.
(Ord. 98-6-7, passed - -98)