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(a) There is hereby established a Treasury Investment Board consisting of the Mayor, the Law Director and the Director of Finance.
(Ord. 1972-74. Passed 10-2-72.)
(b) Council hereby authorizes the Treasury Investment Board to invest funds of the City, as provided for in Ohio R.C. 731.56 et seq.
(c) Such investments shall not be made at a price in excess of the current market value of 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 et seq.
(d) In all respects such investments shall be made and administered in accordance with the provisions of Ohio R.C. 731.56 et seq.
(Ord. 1972-82. Passed 11-6-72.)
Council hereby establishes the qualification guidelines for the Finance Director: Possession of a Bachelor's degree from an accredited college or university in accounting or finance, or related field; experience in finance and accounting at a supervisory or management level.
The above qualifications shall be necessary in order for an individual to run for the office of Finance Director if that individual does not possess a degree in accounting or finance awarded by an accredited college or university.
(Ord. 1986-118. Passed 12-1-86; Ord. 2023-138. Passed 12-18-23.)
There is hereby established in assessment proceedings for a sanitary sewer project a rate of interest to be determined in the following manner:
(a) If funds from the City are used to finance the project costs, and no borrowed moneys are used, the individual benefitting from the assessment will be charged one- half of the prime rate charged by large money center commercial banks and reported in the Wall Street Journal Money Rates section as of the date the resolution of necessity for the project becomes effective.
(b) If the City borrows the money to finance the sanitary sewer project, the individual benefitting from the assessment will be charged at the same rate of interest as that charged to the City on the borrowed funds.
(Ord. 1987-143. Passed 11-2-87; Ord. 1988-47. Passed 5-2-88.)
Upon the concurrence of a department head, a department director, the Mayor and the Finance Director, there is hereby granted the authority to transfer funds from budget worksheet line items without the necessity of Finance Committee approval, with the limitation that no transfer shall exceed one thousand dollars ($1,000) and, further, that this section excludes authorization for transfers involving salary accounts.
(Ord. 1999-037. Passed 3-1-99.)
There is hereby established a trust fund entitled the Unclaimed Monies Trust Fund, pursuant to the requirements of the Ohio Revised Code. The purpose of said Fund will be for the deposit of stale-dated checks (over ninety days from the date of issue), which checks shall be placed into the separate Trust Fund for a period of five years, after which time the checks may then be placed into the General Fund.
(Ord. 1995-46. Passed 4-3-95.)
There is hereby adopted in and for the City an Investment Policy, for defining and authorizing investments of City funds, pursuant to the Ohio Revised Code. Copies of such Policy, attached to original Ordinance 2000-044, passed March 6, 2000, as Exhibit A, as amended, may be obtained, at cost, from the Clerk of Council.
(Ord. 2000-044. Passed 3-6-00; Ord. 2000-129. Passed 9-5-00.)