(A) All deposits of public funds will be collateralized pursuant to R.C. § 135.37.
(B) In the event of a default by a public depository, the Fiscal Officer will provide 30 days notice in a newspaper of general circulation in Washington C.H., Ohio before the obligations securing the public deposits are sold. Purchasers at the default sale will receive absolute title to the securities. Any proceeds received in excess of the amount in default will be paid to the defaulting depository.
(Ord. 1-97, passed 2-12-97)