(A) The Finance Director shall, with the approval of the City Manager, contract with one or more institutions having made application for such funds as depositories of the city's active funds. In making such designation consideration shall be given to the following:
(1) The convenience of location of the depositories offices.
(2) Interest rates to be paid on active deposits.
(3) Service charges to be made for processing transactions.
(4) Compliance with other conditions required by the city of their depositories.
(B) The Finance Director may with the approval of the City Manager contract with one or more institutions for investment counsel. The city will not relinquish control over assets. The institution shall be chosen based on rate of return on investment, fees charged for investment counsel, and compliance with R.C. Chapter 135 and this investment policy.
(Ord. 2973, passed 4-11-95)