192.10. Investment strategy.

   Prior to each calendar quarterly meeting of the Investment Advisory Committee, the Administrative Services Officer shall review the financial market, forecasts on interest rates, financial statements of the Depositories and Custodians and the market price of available Authorized Investments. The Administrative Services Officer shall propose an investment strategy for the City pursuant to the objectives of this chapter. The investment strategy thereby selected shall be reported to the Investment Advisory Committee, which includes the Mayor or the Mayor's designee, at its next quarterly meeting for review and recommendation.

(Ord. 334-00. Passed 6-6-00.)

192.11. Investment selection.

   (a)   As funds become available from time to time for deposit or investment, the Commissioner of Taxation and Treasury shall determine, consistent with the objectives set forth in Section 192.07, and the then current strategy established pursuant to Section 192.10, whether such funds shall be deposited in demand deposits or deposited or invested in authorized investments and the type or types of authorized investments to be made or acquired.

   (b)   The Commissioner of Taxation and Treasury shall seek to obtain three or more quotations for the purpose of selecting each authorized investment and shall maintain records of all quotations sought and received. In the event that he is unable to obtain three quotations, the Commissioner of Taxation and Treasury shall obtain the consent of the Director of Finance before accepting a quotation and making or acquiring an authorized investment.

   The Commissioner of Taxation and Treasury shall, whenever possible, accept the quotation providing the City with the largest return on its investment. However, the Commissioner's foremost responsibility is to comply with Chapter 192, particularly its objectives (Section 192.07) and diversification requirements (Section 192.13).

(Ord. 164-89. Passed 2-28-89; Ord. 178-94. Passed 4-18-94.)

192.12. Authorized investments.

   Authorized Investments and non-interest-bearing Demand deposits shall be made with or acquired from only the type of entity which is listed below opposite the appropriate category of Authorized Investment or non-interest-bearing Demand deposit.

INVESTMENT OR DEPOSIT	TYPE OF ENTITY
Certificates of Deposit
If uncollateralized but federally insured:	Any bank or savings and loan association, wherever located, that is a member of the Federal Deposit Insurance Corporation.
If collateralized:	Any institution having all of the qualifications of a Depository except that it may have an office in the State rather than in the City.
City's Securities	The City or a Securities Dealer.
Demand Deposits
If uncollateralized but federally insured:	Any bank or savings and loan association, wherever located, that is a member of the Federal Deposit Insurance Corporation.
If collateralized:	Any institution having all of the qualifications of a Depository except that it may have an office in the State rather than in the City.
Government Agencies and Instrumentalities	Securities Dealer.
Government Securities	Securities Dealer.
Repurchase Securities	Securities Dealer.
Municipal Securities	Securities Dealer.
Non-demand savings accounts	Any institution having all of the qualifications of a Depository except that it may have an office in the State rather than in the City.

 

(Ord. 182-13. Passed 4-30-13.)

192.13. Diversification.

   (a)   City funds either invested in uninsured collateralized Certificates of Deposit or deposited in Non-demand savings accounts with any one Depository shall not exceed ten percent (10%) of the aggregate principal amount of the City's Investment Portfolio. City funds invested in insured Certificates of Deposit through a network of Federal Deposit Insurance Corporation member banks or savings and loan associations shall not exceed ten percent (10%) of the aggregate principal amount of the City's Investment Portfolio. Compliance with these limitations shall be determined only as of the date a new Certificate of Deposit is purchased or a deposit made in a Non-demand Savings Account.

   (b)   City funds invested in Certificates of Deposit in a Depository may not exceed ten percent (10%) of the Equity Capital of the Depository at any one time unless such Certificates of Deposit are entirely insured by the Federal Deposit Insurance Corporation.

(Ord. 69-12. Passed 2-28-12.)

   (c)   No more than ten million dollars may be invested at any one time through Repurchase Agreements with any one institution.

   (d)    No more than forty percent of the aggregate principal amount of the City's Investment Portfolio shall be invested at any one time in the State Treasurer's Investment Pool created pursuant to section 135.45 of the Ohio Revised Code. Within this forty percent limit, up to $15,000,000 may be further invested through a STAR Plus Federally Insured Cash Account.

(Ord. 182-13. Passed 4-30-13.)

   (e)   No obligation of any of the Government Agencies or Instrumentalities as set forth in Section 192.04(d) shall be purchased if such purchase would cause more than twenty-five percent (25%) of the aggregate principal amount of the City's Investment Portfolio as of the settlement date to be invested in the obligations of that individual Government Agency or Instrumentality.

   (f)   The maximum aggregate amount that may be invested for a period longer than three years for any one Fund shall be twenty-five percent (25%) of the lowest total of all outstanding investments for that Fund which occurred during the twelve months immediately prior to the purchase of any security with a maturity longer than three years. Compliance with this limitation shall be determined as of the settlement date only.

   (g)   City's Securities shall not exceed ten percent (10%) of the aggregate principal amount of the City's investment portfolio, calculated only as of the date of purchase of such City's Securities. Unless otherwise specified in the ordinance authorizing their issuance and sale and purchase by the City, City's Securities shall only be purchased to provide interim financing in anticipation of the sale of City debt in the outside market.

   City of Toledo pension bonds outstanding as of the date of adoption of this section shall be excluded under this section and shall not be considered when calculating compliance with the permissible percentage limit for subsequent purchases of additional City's Securities.

(Ord. 815-04. Passed 12-21-04; Ord. 361-07. Passed 6-26-07.)

192.14. Maturity of authorized investments.

   The City will attempt to match the maturity of its investments with anticipated cash requirements. Unless the proposed investment is matched to a specific cash requirement for debt service on the City's outstanding bonded indebtedness, the City will not invest directly in Authorized Investments that mature more than three years from the date of purchase. If the investment is matched to a specific cash requirement for such debt service, the City may invest in Authorized Investments with a maturity of up to seven years from the date of purchase. The City will not invest in Repurchase Agreements that have a term in excess of thirty days. Unless otherwise provided in the ordinance authorizing the issuance and sale and purchase by the City of the particular City's Securities, the City will not invest in City's Securities that mature more than one year from the date of purchase except City's Securities that (i) are in anticipation of the levy and collection of special assessments to pay costs of Assessed Services, as defined in Section 907.01, and (ii) mature not later than three years from the date of purchase.

(Ord. 361-07. Passed 6-26-07.)