Whenever there are monies in the Treasury of the city which will not be required to be used for a period of six months or more, such monies may, in lieu of being deposited in a bank or banks, be invested in accordance with the provisions of R.C. §§ 731.56, 731.57, 731.58 and 731.59. Investments purchased shall be sold in accordance with R.C. § 731.57. The City Auditor is hereby directed to distribute monies earned in the city’s bank accounts and investments, effective July 1, 1991, to all city funds based on the month-ending fund balance, except those funds for federal or state grants which prohibit earning such interest.
(Prior Code, § 3.03.14)