(a) There is hereby created a Treasury Investment Board consisting of the persons holding the offices of Mayor, City Attorney and Auditor. The Mayor shall be the Chairman of the Board, the Auditor shall be the Vice Chairman of the Board, and the City Attorney shall be the Secretary of the Board. The Mayor, Auditor and City Attorney shall be members of the Board by virtue of holding the aforesaid offices, and shall not be subject to division (a)(1) of Section 7.08 of this Charter, to the extent that section is inconsistent with this division (a), nor shall division (c) of Section 7.08 of this Charter pertaining to removal from office apply to members of the Board.
(Amended 11-7-95.)
(b) The laws of Ohio pertaining to the investment of inactive and interim monies of the City shall apply to the City under this Charter to the extent such laws are consistent with this Charter and the ordinances and resolutions of the City, provided that:
(1) The City Auditor shall invest the inactive and interim monies of the City and administer such investments pursuant to directions given by the Treasury Investment Board, by motion, which directions may be either specific or general in nature.
(2) The Council shall, by ordinance or resolution, define active, inactive and interim monies of the City.
(3) The Council may, by ordinance or resolution, prescribe the eligible obligations and securities for investment of monies of the City, the amount of active monies that shall be maintained in depositories determined by the Council pursuant to Section 6.02(d)(9) of this Charter, and the procedures, terms and conditions under which active, inactive and interim monies of the City may be invested.