(a) Whenever there are moneys in the treasury of the Municipality which will not be required to be used for a period of six months or more, such moneys may, in lieu of being deposited in a bank or banks, be invested in accordance with the provisions of Ohio R.C. 731.56, 731.57, 731.58 and 731.59. Investments so purchased shall be sold in accordance with Ohio R.C. 731.57.
(b) Distribution of the interest earned on the interest bearing obligations shall be paid into the General Fund except for the following:
(1) Interest from Federal Revenue Sharing shall be paid into the Federal Revenue Sharing Fund.
(2) Interest from Water Revenue shall be paid into the Water Revenue Fund.
(3) Interest received from Wastewater Revenue shall be paid into the Wastewater Revenue Fund.
(Ord. 1975-10. Passed 6-30-75.)
(4) Interest earned with respect to the "Pride of Wauseon Trust Fund" shall be paid into such fund.
(Ord. 1988-7. Passed 1-18-88.)
(5) Interest earned with respect to funds deposited with the Waste Water Construction Fund shall be paid back into such fund, and interest earned with respect to funds deposited in the Waste Water Debt Fund shall be paid back into such fund.
(Ord. 1988-19. Passed 3-7-88.)
(c) A separate record or register shall be maintained by the Finance Director of Certificates of Deposits or Treasury Investments in order to distribute interest earnings to respective funds as herein directed.
(Ord. 1975-10. Passed 6-30-75.)