(a) Offices. The Department of Finance and Audits shall be headed by the Finance Director. He shall hold office at the pleasure of the City Commission and shall have the powers and duties set forth in the Charter of the City and State laws. The Finance Director with the approval of the City Commission may appoint a Deputy Finance Director to assist him or her in performance of his or her duties. The Finance Director also may appoint from those persons employed by the Department of Finance and Audits an Assistant Finance Director who shall perform such duties as are assigned by the Finance Director and are not inconsistent with the provisions of the Charter of the City.
(b) Investment of Funds. Whenever there are moneys in the treasury of the City which will not be required to be used for a period of 6 months or more, such moneys may, in lieu of being deposited in a bank or banks, be invested in accordance with the provisions of Ohio R.C. 731.56 through 731.59. Investments so purchased shall be sold in accordance with Ohio R.C. 731.57.
(c) Allocation of Interest and Income. The Director of Finance is empowered to allocate the interest and/or income earned on the moneys of the City among the various funds of the City, and from time to time to designate to which fund or funds, and in what amounts the same will be credited. (Ord. 91-123. Passed 9-23-91.)