A. Deposit and Investment Policy. The City Council shall adopt, by ordinance, a Deposit and Investment Policy governing the deposit of public funds and the investment of public moneys. The Policy shall define the parameters for eligible institutions that may hold public deposits, the standards for securing those deposits, and the process by which such eligible institutions shall be selected. The Policy shall also identify permitted investment instruments, the maximum term of those investments, and the process for selecting the investments, as well as custody, safekeeping, and the licensing and registration of broker dealers.
B. Uniform Depository Act. It is the intent of this section to supersede the Ohio Uniform Depository Act, as contained in the general laws of the State; provided, however, that if Council should fail to adopt the Deposit and Investment Policy required under subsection A. of this section, the Uniform Depository Act shall apply to all deposits of public funds and the investment of public moneys.