(a) There is hereby created a Treasury Investment Board of the City, which Board shall consist of the Mayor, Director of Finance, and President of Sylvania City Council. The Director of Law shall be an ex-officio member with no voting rights.
(Ord. 91-2023. Passed 11-20-23.)
(b) There is hereby created a Treasury Investment Account.
(c) The Treasury Investment Board may invest moneys in the Treasury of the City in accordance with any ordinance of the City and a depository or other contract authorized by same, Ohio R.C. 135.45 and Ohio R.C. 731.56 through 731.59, irrespective of whether such moneys may be required to be used by the City within a period of six months, so long as such moneys are not needed to meet current demands on the Treasury; and provided, however, that moneys invested in accordance with Ohio R.C. 135.45 shall not exceed fifty percent (50%) of the City moneys available for investment at the time the investment is made.
(Ord. 18-2001. Passed 2-20-01.)
(d) The Treasury Investment Board shall review and provide recommended changes to the Statement of Investment Policy, dated November 20, 2023, to Sylvania City Council not less than every three years. The Statement of Investment Policy shall be adopted by ordinance and modifications must be approved by Sylvania City Council.
(Ord. 91-2023. Passed 11-20-23.)