(a) With respect to each investment, the Clerk-Treasurer shall obtain a document evidencing, in the case of a book-entry security, and confirming, in the case of a certificated security held by other than the Clerk-Treasurer, each such investment. The Clerk-Treasurer is responsible for the safekeeping of all investments and documents evidencing or confirming such investments acquired by such Clerk-Treasurer on behalf of the Village. All investments acquired as investments under this chapter by the Clerk-Treasurer on behalf of the Village, whether in certificated or book-entry form, may be held on behalf of the Village by a Qualified Trustee, as hereinafter defined. Such Qualified Trustee shall provide to the Clerk-Treasurer or Deputy Clerk- Treasurer a copy of each document evidencing or confirming such investments which such Qualified Trustee receives and shall be required to report to the Clerk-Treasurer or to the Auditor of the State of Ohio or a duly authorized independent auditor of the Village at any time upon request of such party the identity and location of the document evidencing each investment made pursuant to this chapter and held by such Qualified Trustee. In lieu of such custody, such investments or documents evidencing or confirming such investments may be held in a safe deposit box or vault belonging to an Eligible Depository, as hereinafter defined, or in a safe or other secure place at the Village Hall. Such safe deposit box or vault shall be opened only upon the order of the Clerk-Treasurer, the Deputy Clerk-Treasurer, or a person duly authorized as the Acting Clerk-Treasurer in the presence of one or more of the Clerk-Treasurer, the President of Council of the Village, the Mayor or persons duly authorized as Acting Clerk-Treasurer or President pro tem of Council or Acting Mayor. If any securities are acquired by the Village pursuant to a repurchase agreement between the Village and a Qualified Trustee which is not also an eligible depository, such securities shall not be deposited with or held by such Qualified Trustee, but shall be held solely by the Qualified Trustee described below in subsection (b)(2)A. hereof. Interest earned on any investments held by the Qualified Trustee shall be collected by the Clerk-Treasurer and credited by the Clerk-Treasurer to the proper fund of the Village; provided, however, that the Qualified Trustee may retain amounts of interest earned on investments held by the Qualified Trustee as payment of any fee of the Qualified Trustee if authorized to do so pursuant to a written agreement with the Village.
(b) For purposes of this chapter, the following terms shall have the following meanings:
(1) "Eligible depository" means any institution described in Ohio R.C. 135.03.
(2) "Qualified Trustee" means:
A. A qualified trustee as defined in Ohio R.C. 135.18; or
B. Any other entity which is a member of the National Association of Securities Dealers, Inc. and which is appointed as a Qualified Trustee by an ordinance duly passed by Council.
(Ord. 1999-11. Passed 5-10-99.)