(a) The investing authority shall deposit or invest any part or all of the City's moneys. The following classifications of securities and obligations are eligible for deposit or investment:
(1) Bonds, notes or other obligations of, or guaranteed by, the United States, of those for which the faith of the United States is pledged for the payment of principal and interest thereon;
(2) Bonds, notes, debentures or other obligations or securities issued by any federal government agency, including, but not limited to, federal national mortgage association debentures and discount notes, or by the export-import bank of Washington, whether or not they are guaranteed by the United States;
(3) Time certificates of deposit or savings or deposit accounts, including, but not limited to, passbook accounts, in any eligible institution mentioned in Ohio R.C. 135.32 having an office located within the territorial limits of the City;
(4) Bonds and other obligations of this State, its political subdivisions or other units or agencies of this State or its political subdivisions.
(b) The investing authority may also enter into a repurchase agreement under the terms of which agreement the investing authority purchases and the seller agrees unconditionally to repurchase any of the securities listed in subsection (a)(1) or (2) hereof. The investing authority also may sell any of such securities owned by the City under the same terms and conditions for repurchase.
(c) Any securities, certificates of deposit, deposit accounts, or any other documents evidencing deposits or investments made under authority of this section shall be issued in the name of the City with the investing authority as the designated payee. If any such deposits or investments are registrable either as to principal or interest, or both, they shall be registered in the name of the investing authority.
(d) The investing authority shall be responsible for the safekeeping of all documents evidencing a deposit or investment acquired under this section including, but not limited to, safekeeping receipts evidencing securities deposited with a qualified trustee, as provided in Ohio R.C. 135.37, and documents confirming the purchase of securities under a repurchase agreement and deposited with a qualified trustee.
Upon the expiration of the term of office of an investing authority or in the event of a vacancy in the office for any reason, the officer or his/her legal representative shall transfer and deliver to his/her successor all documents mentioned in this section for which the officer has been responsible for safekeeping. For all such documents transferred and delivered, such officer shall be credited with, and his/her successor charged with, the amount of money so evidenced by such documents.
(Ord. 10-83. Passed 2-14-83; Ord. 29-05. Passed 4-25-05.)