Whenever there are moneys in the City Treasury which are not required for immediate use by the City, such moneys may be invested in a commercial account in any bank or domestic savings and loan association with which the City has a depository agreement, which account is sufficiently secured and immediately redeemable, whether subject to check or not. Whenever there are moneys in the City Treasury which will not be required to be used for six months or more, such moneys may, in lieu of being deposited in a bank or domestic savings and loan association, be invested in certificates of deposit issued by any bank or domestic savings and loan association with which the City has a depository agreement, and in such bonds or other obligations as are specified by State statutes as legal for such investments, including Ohio R.C. 731.56, as the same now exist or may from time to time be amended.
(Ord. 14-83. Passed 6-2-83.)