(a) In accordance with Ohio R.C. 731.56 et seq., there is hereby created an account to be known as the Treasury Investment Account which shall be maintained by the City Auditor and in which there shall be entered all transactions related to investment of funds of the Treasury of the City under Ohio R.C. 731.56 and 731.57. The Treasury Investment Account shall be maintained in accordance with the provisions of Ohio R.C. 731.58.
(b) In accordance with Ohio R.C. 731.56, it is hereby determined that whenever there are moneys in the Treasury of the City which will not be required to be used by the City for a period of six months or more, such moneys may, in lieu of being deposited in a bank, be invested in obligations of the City or of any political subdivision of the State, or any obligation authorized by Ohio R.C. 731.56. Such investments shall be made in accordance with Ohio R.C. 731.56 and 731.57, and the provisions of this section.
(c) In accordance with Ohio R.C. 731.57, there is hereby established a Treasury Investment Board of the City, the members of which shall be the Mayor, the Auditor and the Director of Law of the City. Upon certification by the Auditor of the City of moneys in the Treasury of the City which will not be required to be used by the City for a period of six months or more and upon receipt of a recommendation by the Auditor of the City for the investment of such moneys, the Treasury Investment Board may, with all members concurring, order the investment of such moneys in obligations permitted by subsection (b) hereof.
(Ord. 88-92. Passed 5-23-88.)