(A) Whenever there are moneys in the Treasury of the city which will not be required to be used for six months or more, such moneys, in lieu of being deposited in a bank, shall be invested in obligations of the city, under authority of Ohio R.C. 731.56 and in the manner prescribed by Ohio R.C. 731.57 through 731.59.
(B) The Mayor, the Auditor and the Director of Law are hereby authorized and required to exercise the acts provided for in Ohio R.C. 731.57 and in the manner and under the conditions and limitations therein provided.
(C) The services of bond attorneys, who shall be considered of good and established reputation by the three officials mentioned in division (B) of this section, shall be compensated at a usual and reasonable rate for services in connection with this section.
(D) Whenever it is necessary to convert into cash any bond acquired as an investment, as provided in division (A) of this section, such bond shall be sold in any manner authorized by law for the sale of investments at no less than the current market value, plus accrued interest.
(E) The Auditor shall maintain an account to be known as the Treasury Investment Account in which he or she shall enter all transactions relating to the investment of treasury funds, as provided in Ohio R.C. 731.56 and 731.57. He or she shall maintain a record thereof as provided in Ohio R.C. 731.58.
(F) All securities belonging to the treasury or to any fund thereof, other than the Sinking Fund, shall be kept in the custody of the Treasurer in a safe deposit box or vault belonging to a regular City depository. Such safe deposit box or vault shall be opened only in the presence of one or more of the officers referred to in Ohio R.C. 731.57 at the times, in the manner and under the conditions prescribed by Ohio R.C. 731.59.
(G) The existing official bonds of the Mayor, Auditor, Treasurer and Director of Law shall be surety for the obligations of such officers under Ohio R.C. 731.56 through 731.59.
(`82 Code, § 224.01) (Ord. 101-1936, passed 1-15-36)