(a) "Certificates of deposit" means Negotiable interest-bearing time certificates of deposit and Non-negotiable interest-bearing time certificates of deposit and Federally insured certificates of deposit initiated through a reciprocal network of banks or savings and loan associations that are members of the Federal Deposit Insurance Corporation.
(1) "Negotiable interest-bearing time certificates of deposit" means certificates of deposit in negotiable form representing deposits of the City placed in an institution having all of the qualifications of a Depository except that it need only have an office located in the State rather than in the City. Such certificates of deposit are subject to the collateralization requirements of Section 192.18 to the extent not insured by the Federal Deposit Insurance Corporation.
(2) "Non-negotiable interest-bearing time certificates of deposit" means certificates of deposit in non-negotiable form representing deposits of the City placed in an institution having all of the qualifications of a Depository except that it need only have an office located in the State rather than in the City. Such certificates of deposit are subject to the collateralization requirements of Section 192.18 to the extent not insured by the Federal Deposit Insurance Corporation.
(3) "Federally insured certificates of deposit initiated through a reciprocal network of banks or savings and loan associations that are members of the Federal Deposit Insurance Corporation" means certificates of deposit placed in a Federal Deposit Insurance Corporation member bank or savings and loan association having an office in Lucas County and under an arrangement whereby the full amount of the deposit is allocated among a reciprocal network of participating Federal Deposit Insurance Corporation member banks or savings and loan associations, wherever located, such that the full amount of the City's deposit is covered by federal deposit insurance. Such certificates of deposit are not subject to the collateralization requirements of Section 192.18.
(Ord. 69-12. Passed 2-28-12.)
(b) "City's Securities" means bonds, notes or other negotiable instruments evidencing the obligation of the City to pay money.
(c) "Demand deposits" means those funds of the City which are deposited either with an institution having all of the qualifications of a Depository except that it need only have an office located in the State rather than in the City or through the STAR Plus Federally Insured Cash Account and payable on demand of the City. Such deposits may include interest-bearing or non-interest-bearing checking accounts, NOW accounts, super NOW accounts, savings accounts or other similar accounts authorized by the Federal Reserve Bank Board or the Federal Home Loan Bank Board. Demand deposits are subject to the collateralization requirements of Section 192.18 to the extent not insured by the Federal Deposit Insurance Corporation.
(Ord. 182-13. Passed 4-30-13.)
(d) "Government Agencies and Instrumentalities" means obligations issued by the following whether or not such obliga tions are guaranteed by the United States:
Federal Farm Credit Banks
Federal Home Loan Banks
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association
(Ord. 361-07. Passed 6-26-07.)
(e) "Government Securities" means direct obligations of the United States which include, but are not limited to, Treasury certificates, bills, bonds, notes, as well as United States Treasury obligations, State and Local Government Series.
(f) "Non-demand savings accounts" means those savings accounts of the City in an institution having all of the qualifications of a Depository except that it need only have an office located in the State rather than in the City that are not payable on demand but, instead, are payable at a certain date. Non-demand savings accounts are subject to the collateralization requirements of Section 192.18 to the extent not insured by the Federal Deposit Insurance Corporation.
(g) "Repurchase Securities" means those securities which are the subject of a Repurchase Agreement and are: (i) bonds, notes or other obligations of or are guaranteed by the United States or (ii) those for which the faith of the United States is pledged for the payment of principal thereon or (iii) bonds, notes, debentures or other obligations or securities issued by any federal government agency or the Export-Import Bank of Washington. Repurchase Securities shall mature or be redeemable at the option of the holder within five years from the date of their sale to the City and shall have at the time of purchase by the City a market value at least equal to one hundred percent (100%) of the price at which the Repurchase Securities are to be repurchased from the City, or such greater percentage as is agreed upon by the seller and the City prior to or upon entering into a particular transaction.
(Ord. 671-02. Passed 12-3-02.)
(h) "STAR Plus Federally Insured Cash Account" means an investment program authorized by Ohio R.C. 135.145 and offered in conjunction with the State Treasurer's Investment Pool (STAR Ohio) under which funds invested through the program are deposited in various federally insured banks, savings banks or savings and loan associations located anywhere in the United States in such a manner that the full amount of the public moneys deposited is insured by the Federal Deposit Insurance Corporation. Deposits made under this program are not subject to the collateralization requirements of Section 192.18.
(Ord. 182-13. Passed 4-30-13.)