There is hereby created a Records Commission composed of the Mayor or his appointed representative, as chairmen, the Auditor, the Law Director and a resident appointed by the Mayor. The Commission shall appoint a secretary, who may or may not be a member of the Commission and who shall serve at the pleasure of the Commission. The Commission may employ an archivist to serve under its direction. The Commission shall meet at least once every six months and upon call of the chairman.
   The functions of the Commission shall be to provide rules for retention and disposal of records of the City and to review records disposal lists submitted by municipal offices. The disposal lists shall contain those records which have been microfilmed or no longer have administrative, legal or fiscal value to the City or to its residents. Such records may be disposed of by the Commission pursuant to the procedure outlined in this section.
   When municipal records have been approved for disposal, a list of such records shall be sent to the Bureau of Inspection and Supervision of Public Offices of the Auditor of the State. If the Bureau disapproves of the action by the Commission in whole or in part, it shall so inform the Commission within a period of sixty days and these records shall not be destroyed. Before public records are otherwise disposed of, the Ohio historical society shall be informed and given the opportunity for a period of sixty days to select for its custody or disposal such public records as it considers to be of continuing historical value.