(a) The Clerk is hereby authorized and directed to maintain an account to be known as the Treasury Investment Account in which he or she shall enter all transactions relating to the investment of Treasury funds under Ohio R.C. 731.56 and 731.57, furnishing to the Treasurer a duplicate of all items entered thereon, showing all bonds or other securities purchased or sold for the Treasury Investment Account, with number, maturity date and interest rate of each and keeping a record thereon of the number and maturity of all interest coupons.
(b) All securities in the Treasury Investment Account shall be placed in the custody of the depository bank of the Village, which bank shall be a member of the Federal Reserve Banking System, such custody to be evidenced by receipt of such bank issued to the Treasurer.
(c) From time to time at the direction of the Mayor, whenever there are moneys in the Treasury of the Village which will not be required to be used by the Village for a period of six months or more, the Clerk shall submit to the Mayor and the Solicitor a statement of moneys in the Treasury or in the process of collection, together with a schedule showing the probable requirements of money for use of the Village for a period of not less than six months or more, as the Mayor shall direct, together with a recommendation as to whether any moneys in the Treasury shall be invested in obligations to be held in the Treasury Investment Account.
(d) The Mayor, the Solicitor and the Clerk are hereby authorized and directed to act as the Treasury Investment Board, having supervision of the Treasury Investment Account, and, upon receipt of the recommendation of the Clerk under subsection (c) hereof, in writing, shall, in the discretion of such Board, purchase and/or sell for such Treasury Investment Account and, in accordance with the provisions of Ohio R.C. 731.56, 731.57, 731.58 and 731.59, except as otherwise provided herein, obligations of the Village or bonds or other obligations of the United States of America.
(e) The Treasury Investment Board shall keep minutes of its proceedings signed by all members thereof to be kept on file in the office of the Clerk, and shall act only with the concurrence of all three members thereof.
(Ord. 1958-23. Passed 5-20-58.)