(a) There is hereby created a Treasury Investment Board consisting of the Mayor, the Director of Finance and the Law Director.
(b) The Board is authorized to invest any public funds of the City which shall not be required for a period of six months or more in obligations of the City, in bonds or other obligations of the United States, bonds for the payment of principal and interest of which the faith of the United States is pledged, discount notes of the federal national mortgage association, bonds issued by the Home Owners Loan Corporation pursuant to the “Home Owners Act of 1933" and amendments thereto, bonds of this State and bonds of any municipal corporation, village, county, township or political subdivision of this State, as to which there has been no default in the payment of principal, interest or coupons.
(c) Whenever there are moneys in the treasury of the City which shall 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.
(d) Premiums and discounts on Treasury Investment purchases shall be credited to or charged against interest and amortized over the period from purchase to the date of maturity of the security. Gains and losses in the sale of Treasury Investment securities shall be credited to or paid from interest. (Ord. 1981-26. Passed 9-24-81.)
(e) Net interest realized by the Treasury Investment Account shall be paid into the General Fund of the City unless a different distribution is otherwise specifically authorized and required by Charter or Ordinance. (Ord. 1990-57. Passed 11-29-90.)
(f) The Mayor, the Director of Finance, the Assistant Finance Director and the Law Director shall be bonded in the amount of twenty thousand dollars ($20,000) pursuant to Ohio R.C. 731.59; such bonds may cover other contingencies in which such officers might become liable to the Municipal Corporation. (Ord. 2012-34. Passed 7-10-12.)
(g) Notwithstanding the provisions of subsection (e) of 135.07, net interest earned on the investment of idle funds in the Road Levy Fund shall be credited to such fund.
(Ord. 2000-54. Passed 9-14-00.)