The city is authorized by statute to invest in the following types of securities and investments.
(a) United States Treasury bills, notes, bonds, or any other obligation or security issued by the United States Treasury or any other obligation guaranteed as to principal and interest by the United States (not including “stripped” principal or interest obligations).
(b) Bonds, notes, debentures, or other obligations or securities issued by any federal government agency or instrumentality, including but not limited to the Federal National Mortgage Association, Federal Home Loan Bank, Federal Farm Credit Bank, Federal Home Loan Mortgage Corporation, Government National Mortgage Association and Student Loan Marketing Association. All such securities must be direct issuances of federal government agencies or instrumentalities and may not be stripped principal or interest obligations.
(c) Interim deposits in duly authorized depositories of the city, provided those deposits are properly insured or collateralized as required by law.
(d) Bonds and other obligations of the State of Ohio.
(e) No-load money market mutual funds consisting exclusively of securities described in divisions (a) and (b) of this section and repurchased agreements secured by such obligations, provided all such investments under this division (e) shall be made with a bank, domestic association or savings bank eligible to be a depository for public funds of Ohio subdivisions and provided further that any such funds meets the requirements of R.C. Chapter 135 (including that such fund not include any investment in a “derivative”).
(f) Ohio Subdivision’s Fund (STAROhio).
(g) Overnight or term (not exceeding 30 days) repurchase agreements meeting the requirements of R.C. § 135.14(E) with:
(1) A bank, domestic association, or savings bank eligible to be a depository of public funds of Ohio subdivisions or
(2) A member of the Financial Industry Regulatory Authority.
(Ord. 16-2016, passed 7-18-2016)