The Treasury Investment Board may, whenever there are moneys in the Treasury of the Municipality which will not be required to be used by the Municipality for a period of six months or more, invest such moneys, in lieu of depositing such moneys in a bank or banks, in obligations of such Municipality or in bonds or other obligations of the United States, or those for the payment of principal and interest of which the faith of the United States in pledged, bonds issued by the home owners’ loan corporation pursuant to the act of Congress known as the Home Owner’s Loan Act of 1933, and the amendments thereto, bonds of the State of Ohio, legally issued bonds of any municipality, village, county, township or other political subdivision of this State, and as to which there is now no default of principal, interest or coupons; provided, however, that any such investments shall not be made at a price in excess of the current market value of such bonds or other interest-bearing obligations, and that such bonds or other interest- bearing obligations may be sold for cash and for a sum not less than their current market price, in the manner prescribed in Ohio R.C. 731.57 through 731.59.
(Ord. 015. Passed 10-2-50.)