143.01 DEFINITIONS.
As used in this chapter, unless another definition is provided or the content otherwise requires, the following definitions shall apply:
(a) "Active deposit" means a public deposit necessary to meet current demands on the City, and that is deposited in any of the following:
(1) A commercial account that is payable or withdrawable in whole or part on demand;
(2) A negotiable order of withdrawal account as authorized in the "Consumer Checking Account Equity Act of 1980," 94 Stat. 146, 12 U.S.C. 1832(a), and as such statute may be amended from time to time;
(3) A money market deposit account as authorized in the "Garn-St. Germain Depository Institutions Act of 1982," 96 Stat. 1501, 12 U.S.C. 3503, and as such statute may be amended from time to time.
"Business day" means any day other than Saturday, Sunday, or any day on which Shaker Heights City Hall is closed.
(c) "Depository" or "depositories" means any national bank, subject to inspection by either the U.S. Comptroller of the Currency or the Superintendent of Banks for the State of Ohio, any bank as defined in Title 11 of the Ohio Revised Code, subject to inspection by the Superintendent of Banks for the State of Ohio, any federal savings and loan association, and any savings bank chartered pursuant to Ohio R.C. Chapter 1161.
(d) "Director" means the Director of Finance.
(f) "Eligible depository" or "eligible depositories" means any depository designated by the Director pursuant to this chapter to receive or hold the active deposits of the City.
(g) "Public deposit" means public monies deposited in a depository.
(h) "Public monies" means all monies in the Treasury of the City or monies coming lawfully into the possession or custody of the City.
(i) "Trustee" means any national bank, subject to inspection by either the U.S. Comptroller of the Currency or the Superintendent of Banks for the State of Ohio, and any bank as defined in Title 11 of the Ohio Revised Code, subject to inspection by the Superintendent of Banks for the State of Ohio, which is designated as a trustee for purposes of this chapter.
(j) "Uniform Depository Act" means Chapter 135 of the Ohio Revised Code and any amendment or supplement thereto. Wherever any provision of the Uniform Depository Act is made applicable under this chapter, such provision is applicable only to the extent that it is not in conflict with or inconsistent with the Charter, any other provision in this chapter or any other ordinance or resolution enacted by City Council. (Ord. 08-94. Enacted 10-27-08.)