(a) Deposit and Investment Policy. City Council shall adopt and approve, by ordinance, a Deposit and Investment Policy to establish the method and manner in which City moneys shall be deposited and invested to provide the highest investment return while preserving principal and maintaining adequate daily cash flow for the City.
(1) The Deposit and Investment Policy shall define the parameters for eligible institutions that may hold public deposits, standards for securing those deposits, and the process by which such eligible institutions are selected for deposit.
(2) The Deposit and Investment Policy shall 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.
(3) All investments made by the City shall conform to the City's Investment Policy and the Finance Director shall, at least annually, provide regular reports to City Council about the City's investment activities, including details of the City's portfolio of investments by instrument type.
(4) The Finance Director shall make all deposits and investment in accordance with the Deposit and Investment Policy. The Finance Director is hereby authorized to pool cash balances from the several different funds of the City for investment purposes, in accordance with the City's Deposit and Investment Policy, and unless such pooling of a particular fund is prohibited by federal or state law.
(5) The Finance Director shall file a copy of the City's Deposit and Investment Policy, and any amendments thereto, with the Auditor of the State of Ohio.
(Ord. 98-14. Adopted 03/26/98; Ord. 2022-35. Adopted 09/22/22)
(b) Debt Administration Policy. City Council shall adopt and approve, by resolution, a Debt Administration Policy establishing criteria for the selection of bond counsel, underwriters, and financial advisers. The policy shall identify the various debt instruments permitted for use and the process for soliciting proposals for debt financing. The Policy shall also identify metrics for evaluating debt coverage ratios, establish maximum maturities, and address financial disclosures. The Policy may provide for additional guidance related to credit ratings, refunds, and other debt related topics.
(Ord. 12-19. Adopted 04/26/12; Ord. 2022-35. Adopted 09/22/22)
(c) Purchasing Manual. The Finance Director shall establish a Purchasing Manual, in consultation with the Administrative Steering Committee, which Manual shall set forth the policies and procedures for all purchases and expenditures and to provide guidelines on the competitive bidding process.
(1) The Manual shall set forth policies and procedures regarding procurement, requisitions, purchase orders, receipts, payment authorization, the use of City credit cards, travel expenses, contracting for services, supplies and equipment, and any other appropriate fiscal matter. The policies and procedures set forth in the Manual shall conform to the Ohio Uniform Tax Levy Law, where applicable.
(2) All elected officials, appointed officials, department heads, division heads, and City employees shall comply with the Purchasing Manual in making any expenditure of public funds that is not made pursuant to competitive bid.
(Ord. 2022-35. Adopted 09/22/22)
(d) Sensitive Information Policy and Identity Theft Prevention Program. In accordance with Section 114 of the Fair and Accurate Credit Transaction Act of 2003, and any amendments thereto, and the Red Flag Program Clarification Act of 2010, and any amendments thereto, the Finance Department shall establish a Sensitive Information Policy and Identity Theft Prevention Program to help protect customers, reduce the risk of identity fraud, and to minimize potential damage to the City from fraudulent new accounts.
(1) The Sensitive Information Policy will define sensitive information; describe the physical security of data when printed on paper; describe the electronic security of data when stored and distributed; and will place the City in compliance with state and federal laws regarding identity theft protection.
(2) The Identity Theft Prevention Program will assist the City in identifying risks that signify potentially fraudulent activity within new or existing covered accounts; detect risks when they occur in covered accounts; and respond to risks to determine if fraudulent activities have occurred and act if fraud has been attempted or committed. The Program shall be updated periodically, including reviewing accounts that are covered by the Program and the identified risks that are a part of the Program.
(3) The Policy and Program shall apply to all City employees, contractors, consultants, and all personnel affiliated with third parties.
(4) The Finance Director shall manage the Policy and Program and shall ensure all appropriate City personnel are trained in overseeing the Program in accordance with the Policy.
(5) The Policy and Program shall be considered security records and may be exempted from disclosure under the Ohio Public Records Act.
(Ord. 2022-35. Adopted 09/22/22)