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(a) The Council shall, by ordinance, provide for the custody of all funds of the City and for designation of a bank or banks as depositories. The depositories designated shall furnish such proper security as the Council may determine.
(b) All funds received on behalf of the City by any officer, employee or agent thereof, shall be promptly paid over to the officer charged by the Council with the custody of the same, and by such officer promptly placed in a depository bank, but the Council may authorize such sums as it deems proper to be kept in cash for the daily operation of any department or office.
(c) The Director of Finance may invest moneys of the City in the following securities:
(1) Bonds or notes which are issued by and are the obligations of the City of Shaker Heights, Ohio.
(2) Bonds, notes, certificates of indebtedness, treasury bills or other securities issued by and constituting direct obligations of, or guaranteed by, the United States, or those for which the faith of the United States is pledged for the payment of principal and interest thereon.
(3) Bonds or notes which are issued by and are the obligations of the State of Ohio, provided that such bonds or notes have a rating assigned to them by Standard and Poors Corporation or Moody's Investor Service, Inc. which rating:
A. As to bonds, is one of the two highest rating categories that may be assigned; and
B. As to notes, is the highest rating category that may be assigned.
In order to be eligible investments under divisions (c)(2) and (c)(3) of this section, there must be no outstanding default in the payment of the principal of or interest on such securities; and the securities must mature or be subject to redemption at the option of the City within two (2) years from the date the City purchased such securities, unless the Council shall authorize a longer period of maturity or redemption by ordinance or resolution.
In the event that Standard and Poors Corporation or Moody's Investor Services, Inc. shall cease to exist or shall terminate the practice of assigning ratings to bonds or notes of Ohio political subdivisions the Council shall, by ordinance or resolution, substitute any other nationally recognized firm or organization which assigns ratings to bonds or notes of Ohio political subdivisions for those firms listed in this section of the Charter; and the Council may, by ordinance or resolution, substitute any criteria which is equivalent, in the sole opinion of Council, to the ratings described in this section of the Charter.
(Approved by voters 11-2-99.)
No contract, agreement of other obligation involving the expenditure of money shall be entered into, nor shall any ordinance, resolution or order for the expenditure of money be passed or issued by the Council, or be authorized by any officer of the City, unless the Director of Finance shall have first certified in writing to the Council, or to the proper officer, as the case may be, that the money required for such contract, agreement, obligation or expenditure is in the treasury to the credit of the fund from which it is to be drawn and not appropriated for any other purpose. The provisions of this section shall not be construed to prevent the making of contracts for a period extending beyond a single fiscal year when such contracts are otherwise authorized by this Charter or by general law. All moneys actually in the treasury to the credit of the fund from which they are to be drawn, and all moneys applicable to the payment of the obligation or appropriation involved, that are anticipated to come into the treasury before the maturity of such contract, agreement or obligation, from taxes, assessments, license fees, or from sales of service, products, or by-products of any municipal undertaking, and moneys to be derived from lawfully authorized bonds or notes, shall, for the purpose of such certificate, be deemed to be in the treasury to the credit of the appropriate fund, and shall be subject to such certification.
(Effective 1-1-32.)
The Council shall authorize by ordinance, in January of the year 2000 and any odd-numbered year thereafter, a specific dollar amount above which funds of the City may not be expended except pursuant to contract made with the lowest and best bidder after public advertising and receipt of bids in a manner provided by ordinance. Provided, however, the City may authorize, by ordinance, expenditures of the funds of the City without public bidding in dollar amounts exceeding the limit set by Council in specific cases, such as: for the acquisition of real estate; for the discharge of noncontractual claims against the City; for personal services; for the joint use of facilities or exercise of powers with other political subdivisions; for the product or services of public utilities (including those municipally operated); or, in the case of urgent emergency, for the immediate protection of public property or public safety. No other expenditure of more than the amount set by Council shall be made, except pursuant to contract made with the lowest and best bidder as specified above.
(Approved by voters 11-2-99.)
Public improvements of all kinds may be made by the appropriate department either by the direct employment of the necessary labor and purchase of supplies and materials in the manner herein provided with separate account as to each improvement so made, or by contract let as provided in the preceding section either for a closed price or upon a unit basis.
(Effective 1-1-32.)
The Council shall fix the salary or compensation of all officers and employees and members of boards and commissions of the City, and may require any officer or employee to give bond for the faithful performance of duties in such amount as it may determine and with such surety as it may approve, and may from time to time require additional bond or surety of any officer or employee, and may provide that the premium for any such bond be paid by the City.
The compensation of members of Council shall be fixed by a majority vote of Council on or before the last day of June, beginning in 2001, and each second year thereafter. The amounts so fixed shall become effective two (2) years after the next succeeding first day of January. The compensation of the Mayor shall be fixed by a majority vote of Council on or before the last day of June, beginning in 2003, and each fourth year thereafter, for the term beginning on the next succeeding first day of January.
The compensation of each other officer and employee, except judges, may be fixed and changed at any time in the discretion of the Council. The Council may authorize any officer of the City to incur such travel or other expenses as the Council deems to be in the public interest and may provide that such expenses be paid by the City.
(Approved by voters 11-2-99.)
The Council may levy in any year, including a levy in the year 1948 for collection upon the 1948 tax duplicate, in addition to all taxes now or hereafter authorized by the Constitution or laws of the State of Ohio, taxes at rates aggregating not over two and one-half (2.5) mills per dollar of valuation on all the taxable property in said City; which additional taxes shall be outside of all limitations now or hereafter provided by the Constitution or laws of the State of Ohio, and may be levied for the current expenses of the City or for the payment of debt charges on any bonds or notes now or hereafter outstanding and issued without vote of the people.
(Approved by voters 11-2-48.)
The Council may levy in any year, including a levy in the year 1966 for collection upon the 1966 tax duplicate, in addition to all taxes now or hereafter authorized by the Constitution or laws of the State of Ohio, and also in addition to all other taxes otherwise authorized by this Charter to be levied, taxes at rates aggregating not over three (3) mills per dollar of valuation on all the taxable property in said City; which additional taxes shall be outside of all limitations now or hereafter provided by the Constitution or laws of the State of Ohio, and may be levied for the current expenses of the City or for the payment of debt charges on any bonds or notes now or hereafter outstanding and issued without vote of the people.
(Approved by voters 11-8-66.)