(a) There is hereby established for the Village a Treasury Investment Board consisting of the Mayor, the Fiscal Officer or Fiscal Auditor (if one is appointed), the Chair of the Finance Committee of Council, one resident of the Village with a background in finance which member is appointed by a majority of Council members upon the recommendation of the Treasury Investment Board, and the Solicitor of the Village. The Treasury Investment Board shall be scheduled to meet quarterly in every calendar year.
(b) If Council determines that public funds of the Village should be invested in eligible securities, the Treasury Investment Board shall consider such investments and recommend to the Fiscal Officer or Fiscal Auditor (if one is appointed) the advisability of such investments, which recommendation may be considered by the Fiscal Officer or Fiscal Auditor (if one is appointed) when the Fiscal Officer or Fiscal Auditor (if one is appointed) submits the recommendation to the Mayor and Solicitor as to whether such money shall be invested in accordance with R.C. § 731.57.
(c) The Fiscal Officer or Fiscal Auditor (if one is appointed) shall keep an account known as the Treasury Investment Account in which the Fiscal Officer or Fiscal Auditor (if one is appointed) shall enter all transactions related to the investment of treasury funds.
(d) No investment of Village funds in excess of twenty percent of the ending fund balance at the last day of the preceding calendar year may be made without approval of a majority of Council members.
(Ord. 1981-8. Passed 2-23-81; Ord. 2022-70. Passed 8-8-22; Ord. 2022-95. Passed 11-28-22.)