(A)
The Finance Officer/Tax Commissioner shall determine the amount of public moneys which shall be available in active deposits to:
(1) Provide the needed cash flow to pay checks issued and outstanding and other obligations, to provide for a reasonable surplus in addition to the amount needed to pay such amounts; and
(2) Maximize the interest received on public moneys of the City. Interest on active deposits shall be paid or credited by the City's designated eligible depositories at least quarterly and when funds are withdrawn, computing the time of payment from the date of deposit. All public moneys of the City not deposited in active deposits shall be invested pursuant to Section 39.05 of this chapter.
(B) The Finance Committee of Council shall, in accordance with the Ohio Revised Code, by a writing filed with the Council, designate one or more eligible depositories as the depository or depositories of the City's active deposits. In making such designation, the Finance Committee of Council shall consider the following:
(1) The convenience of the location of the depository's offices; and
(2) The rate or rates of interest, if any, which the depository will pay on the active deposits; and
(3) Any other terms or conditions with respect to the depository's acceptance of the City's active deposits.
(C) Designation of the eligible depository or depositories for active deposits shall be subject to confirmation by Council.
(D) The designation of depositories for the City's active deposits shall not be limited by term. At any time as deemed necessary, Council and/or Finance Committee may request applications from eligible depositories to be considered to hold active funds. At such time, a request for proposal shall be sent to the eligible depositories and due within 45 days from such time. Such request shall:
(1) Provide an estimate of the maximum amount of such active deposits; and
(2) Request such depositories to apply in writing for all or part of the City's active deposits on or before a date and time specified in the notice; and
(3) Request such depositories to state in their application the amount of such active deposits that will be accepted to offset bank account fees and charges; and
(4) Include or request any other information to or from such depositories which the Finance Committee of Council deems relevant. The request for written applications or their receipt does not constitute a bidding procedure. Rather such request and application are intended to provide relevant information to the Finance Committee of Council for its designation pursuant to division (B) of this section and to provide notice to eligible depositories that the City will receive applications and proposals for its active deposits; and
(5) The Mayor and/or City Administrator shall enter into a contract with such depositories for the appropriate period determined, but not limited to term, pursuant to division (D) of this section. Such contract shall establish the service charges and/or compensating balances the depository may make for its services, and other terms or conditions of the depository's acceptance of the City's active deposits.
(E) The limitations on the aggregate amounts of public moneys that may be on deposit with eligible depositories as set forth in the Uniform Depository Act shall apply under this chapter.
(Ord. 73-1988, passed 12-7-88; Am. Ord. 31-2002, passed 5-15-02; Am. Ord. 12-2023, passed 3-1-23; Am. Ord. 03-2024, passed 2-7-24)