(a) The deposit or investment of public moneys under the control of the City shall be controlled by this section and not by Ohio R.C. Chapter 135.
(b) The terms used herein shall have the same meaning as defined in Ohio R.C. 135.01.
(c) The Director of Finance shall on a five-year basis, prepare a written estimate of the amount of public moneys to be awarded as inactive deposits, active deposits, and interim deposits for the following five calendar years. A copy of this written estimate, along with written bidding instructions prepared by the Director in compliance with this section shall be delivered by the Director to each bank as defined in Ohio R.C. 1101.01(B) and to each building and loan association as defined in Ohio R.C. 1151.01(A) having an office within the corporate limits of the City no sooner than November 1 and no later than November 30 of the preceding year.
(d) Any financial institution described in subsection (c) hereof desiring to be designated as the depository of active funds for the following five calendar years shall deliver in writing to the Director of Finance, no sooner than December 1 and no later than December 10, a bid containing all terms of the commercial account or accounts being offered to the City subject to check. The Director shall accept the single best bid considering all appropriate factors in his discretion and shall award the active deposits to one financial institution accordingly, giving notice to the selected institution no later than December 20.
(e) Any financial institution described in subsection (c) hereof desiring to be designated as the depository for inactive funds for the following one to five calendar years shall deliver in writing to the Director of Finance, no sooner than December 1 and no later than December 10, a bid containing all of the terms of the investment or investments being offered to the City for periods of not less than one year nor more than five years. The Director shall accept the best bid or combination of bids considering all appropriate factors in his discretion and shall award the inactive deposits accordingly, giving notice to the selected institution or institutions not later than December 20.
(f) The Director of Finance shall solicit oral or written bids from each financial institution described in subsection (c) hereof for the award of interim funds from time to time as needed. The Director shall select the best bid or bids from one or more financial institutions considering all appropriate factors in his discretion and shall give immediate notice to those institutions selected for interim deposits and proceed immediately with the necessary financial transactions.
(g) The Director of Finance, before making any deposit or investment of public moneys, shall require the subject institution to pledge to the City and deposit with the Director a security for the repayment of said deposits, eligible securities as defined by Ohio R.C. 135.18(B) of aggregate market value equal to or greater than the difference between the total of the City’s deposits with said financial institution and the amount of said deposits which is insured by the Federal Deposit Insurance Corporation or other such agency of the federal government. The financial institution may satisfy this obligation by giving written notice to the Director designating an appropriate trustee to hold the necessary securities for the account of the City and the institution as a public depository as their respective interests appear. Upon receipt of a written description of such securities from said trustee, the Director and all parties concerned shall deem the described securities to be pledged to the City and deposited with the Director. The Director may require, instead of the previously described securities, a surety company bond with a company and in such form as is acceptable to the Director to secure the repayment of deposited public moneys.
(h) The Director of Finance shall be relieved from any liability for the loss of any public moneys deposited or invested pursuant to and in compliance with this section, including but not limited to losses occasioned by the sale of any instruments, securities or obligations, the closing of any deposit accounts, or the failure of any depository.
(i) The Director of Finance shall comply with this section as nearly as practicable for the earliest possible time period.
(Ord. 00-51. Passed 8-21-00.)