(A)
All public moneys of the City not held as active deposits or kept by the Finance Officer/Tax Commissioner as a cash reserve as may be prescribed by Council, shall be invested by the Finance Officer/Tax Commissioner pursuant to this section. Any such funds not needed for any municipal purpose for more than ninety (90) days shall be invested.
(B) The Finance Officer/Tax Commissioner may invest in any classification of investment, which are outlined in R.C. Section 135.14.
(C) Where the Finance Officer/Tax Commissioner invests in any of the classifications of investment set forth in Section 39.05 (B) and the investment involves a depository designated by the Finance Committee of Council, pursuant to Section 39.03 (B), the Finance Officer/Tax Commissioner shall invest in the eligible depository offering the highest rate of return available.
(D) Designation of eligible depositories to be used by the City for investments shall be subject to confirmation by Council as set forth in Section 39.03(B).
(E) The Finance Officer/Tax Commissioner may sell any investments mentioned in division (B) of this section for cash and for a sum not less than their current market price.
(F) The Finance Officer/Tax Commissioner, the Mayor, the Law Director and members of Council or any other officer or employee of the City, shall not be held accountable or personally liable for any loss incurred by the sale of investments. Any loss or expense in making such sales or closings shall be payable as other expenses of the City.
(G) Investments authorized by division (B) of this section shall not be made at a price in excess of the current market price.
(H) The members of Council, the Mayor, the Law Director and the Finance Officer/Tax Commissioner or any other officer or employee of the City, shall not be personally liable for or with respect to the purchase of investments authorized as investments pursuant to division (B) of this section; and the members of Council, the Mayor and the Law Director or any other officer or employee of the City shall not be personally liable for any unauthorized investment by the Finance Officer/Tax Commissioner.
(I) Any investment purchased under the authority of this section are issuable to the City. If any suchinvestments are registerable either as to principal or interest, or both, then such securities shall be registered in the name of the City.
(J) The Finance Officer/Tax Commissioner is responsible for the safekeeping of all investments acquired by under this section. Any of such investment may be deposited for safekeeping with a qualified trustee as provided in R.C. Section 135.18, except the delivery of securities acquired under a repurchase agreement shall be made to a qualified trustee. If investments are not deposited with a qualified trustee, they shall be in the custody of the Finance Officer/Tax Commissioner.
(K) Whenever investments acquired under this section mature, the Finance Officer/Tax Commissioner shall collect the moneys payable to the City thereon. The moneys so collected shall be treated as public moneys subject to the provisions of this chapter.
(L) The Finance Officer/Tax Commissioner shall maintain accounts in which appropriate entries of all transactions relating to the investment of funds are recorded.
(M) The Finance Officer/Tax Commissioner shall provide periodic reports to the Mayor, City Council and Administration, of all investments purchased, sold and held.
(Ord. 73-1988, passed 12-7-88; Am. Ord. 77-1991, passed 12-4-91; Am. Ord. 03-2024, passed 2-7-24)