Granville Community Calendar

Ordinance 24-1983

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Schnaidt
TO AUTHORIZE THE DEPOSIT AND INVESTMENT OF FUNDS
OF THE VILLAGE OF GRANVILLE AND ESTABLISHING A
PROCEDURE FOR SELECTING DEPOSITORIES AND MAKING
INVESTMENTS.
WHEREAS, Sections 3 and 7 of Article XVIII of the Ohio
Constitution grants all powers of local self-government to municipal orations in Ohio, including the Village corp- of Granville (the "Village"an)d,
WHEREAS, the people of the Village have adopted a home-rule charter pursuant to Sections 7 and 8 of Articles XVIII of the Ohio
Constitution (the "Chartera"n)d,
WHEREAS, the preamble to the Village' s Charter provides that the Charter was establishedin "-o-rder to secureth-e- benefits of local self-government under the Constitution of the State of Ohioa-n-d,"
WHEREAS, Ohio common law has consistently held that laws passed by the Ohio General Assembly may not restrict municipalities when they are exercising powers of local self-government under a homer-ule charter, and
WHEREAS, the authorization for the deposit and investments of
moneys of the Village, and the procedures and methods for the selection of the Village' s depositories and the Village' s investment policies and pro- cedures are powers of local self-government that may properly be exercised by this Council under the Ohio Constitution and the Village' s Charter, and
WHEREAS, the establishment of local policies and procedures for the deposit and investment of the Village' s moneys are hereby determined to be in the best interests of the Village and its citizens: (i) provide a more efficient management of the Village' s moneys and investments; and ii) enable the Village to earn a greater yield on its investments and to provide safeguards for the Village' s funds.
of Granville, NOW, THEREFORE, be it ordained by the Council of the Village State Of Ohio:
Section I: That Chapter 147 of the Village' s Codified Ordinances be enacted to read as follows:
DEFINITIONS.
a) A"ctive Deposit" means a deposit of the Village' s Public Moneys payable or withdrawable, in whole or in part, on demand, or a deposit in a negotiable order of withdrawal account as authorized in the Consumer Checking Account Equity Act of 1980, 94 Stat. 146, 12 U.S.C.A. 1832 (a).
b) E"ligible Depository" or "Eligible Depositories" means: i) any national bank located in Ohio and any bank as defined by section 1101. 01 of the Revised Code of Ohio which is sub- ject to inspections by the Ohio superintendent of banks and ii) any domestic building and loan association as defined in section 1151. 01 of the Revised Code of Ohio authorized to accept deposits.
ORDINANCE NO. 24-83
BY:
24-83
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Ordinance No.
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c) "Public Moneys" means all moneys in the treasury of the
Village, or moneys coming lawfully into the possession of
the Village' s Director of Finance.
d) "Uniform Depository Act" means Chapter 135 of the
Revised Code of Ohio and any amendment or supplement thereto.
Wherever any provision of the Uniform Depository Act is
made applicable under this Chapter 147 of the Codified
Ordinances, such provisions are applicable only to the extent
that they are not in conflict with or inconsistent with the
Village' s Charter and ordinances or resolutions.
FINDINGS BY THE COUNCIL: INAPPLICABILITY OF AND INCORPORATION
OF STATE LAWS.
a) The Council hereby makes the following findings with respect to the authorization and the establishment of the
policies and procedures for the deposit and investment of Public Moneys in the Village' s treasury:
1) The authorization and establishment of such policies
and procedures are powers of local self-government
that may be exercised by the Village through its
ordinances under Sections 3 and 7 of Article XVIII
of the Ohio Constitution and Article II of the
Village' s Charter; and
2) The authorization and establishment of such policies and procedures are in the best interests of the
Village and its citizens: (i) to provide efficient management a more of the Village' s moneys and
investments; and (ii) to enable the Village toearn
a greater yield on its investments and provide safeguards
of the Village' s moneys.
b) It is hereby determined that the Uniform Depository Act shall not apply to the Village, except as it may be adopted by reference under this Chapter 147 of the Codified Ordinances,
and further provided that section 135.11 of the Revised Code of Ohio, pertaining to exemption from conflict of interest laws, shall apply to the Village.
c) Sections 731. 56 to 731.59, inclusive, of the Revised Code of Ohio shall not apply to the Village, except as section 731. 59 of the Revised Code of Ohio is incorporated in part in this Chapter 147 of the Codified Ordinances.
d) Unless incorporated by reference or otherwise made appli- cable in this Chapter 147 of the Codified Ordinances, no other provision of the Revised Code of Ohio which is inconsistent or in conflict with this Chapter 147 of the Codified Ordinances shall apply to the Village.
DEPOSITORIES.
a) The Village Manager shall determine the amount of Public Moneys which shall be available in Active Deposits to: (i) provide the needed cash flow to pay warrants and checks issued and outstanding, and to provide for a reasonable surplus in addition to the amount needed to pay such warrants and checks, and (ii) maximize the interest received on Public Moneys of the Village. Interest on Active Deposits shall be paid or credited by the Village' s designated Eligible Depositories at least quarterly and when funds are withdrawn, computing the time of payment from the date of deposit. No service charge shall be made by a designated Eligible Depository against an Active Deposit or collected from or paid by the Director of Financeun- less such service charge is the same as is customarily imposed by institutions receiving money on deposit subject to check, in the Village, in which event the Director of Finance may pay such charge. All Public Moneys of the Village not deposited in Active tDheisposoirtsdinsahnaclel . be invested pursuant to the INVESTMENT section of
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Ordinance No. 24-83
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b) The Village Manager shall, by a writing filed with the
Clerk of Council, designate one or more Eligible Depositories
as the depository or depositories of the Village' s Active
Deposits. In making such designation the Village Manager shall
consider the following:
1) The convenience of the location of the depository' s
offices;
2) The rate or rates of interest, if any, which the
depository will pay on the Active Deposits;
3) The service charges, if any, that will be made for
the services of the depository; and
4) Any other terms or conditions with respect to the
depository' s acceptance of the Village' s Active
Deposit.
c) The initial designation of depositories for the Village' Active Deposits shall be s for a period not to exceed six months
and may be made without giving the notice hereinafter provided
for. Subsequent designations of depositories for the Village' s
Active Deposits shall be: (i) for a period specified in the
Village Manager' s written designation of depositories pursuant
to division (b) of this section, which period shall not be less
than six months nor longer than two years, and (ii) shall be
made after the Director of Finance has provided written notice
by first-class mail to the Eligible Depositories having an office in the Village, and such other Eligible Depositories
as determined by the Director of Finance, at least sixty days
prior to the date of the action of the Village Manager designaing
depositories for the Village' s Active Deposits. Such
notice shall: (i) provide an estimate of the maximum amount of
such Active Deposits at any time during the period of designation,
and the proposed period of designation or alternative
proposed periods of designation; (ii) request such depositories
to apply in writing for all or part of the Village' s Active
Deposits on or before a date and time specified in the notice;
iii) request such depositories to state in their application
the amount of such Active Deposits that will be accepted by it,
the rate or rates of interest, if any, that will be paid on such Active Deposits, the service charges, if any, that will be
made for its services, other terms or conditions with respect
to the depository' s acceptance of all or part of the Village' s Active Deposits and the location of its offices in the Village,
or if none are located in the Village, the location of its
nearest offices; and (iv) include or request any other informa- tion to or from such depositories which the Director of Finance
deems relevant. The request for written applications or their
receipt does not constitute a bidding procedure. Rather such
request and application are intended to provide relevant information
to the Village Manager for his or her designation
pursuant to division (b) of this section and to provide notice
to Eligible Depositories that the Village will receive Applica- tions and proposals for its Active Deposits.
d) The Village Manager shall enter into a contract, approved
as to form and content by the Director of Law, with such depositories for the appropriate period determined pursuant to division (c) of this section. Such contract shall establish
the rate or rates of interest, if any, to be paid by the depository on the Village' s Active Deposits, the service charge, if any, the depository may make for its services, and other terms AorctcivoendDiteiopnossitos.f the depository' s acceptance of the Village' s
e) The limitations on the aggregate amounts of Public Moneys that may be on deposit with Eligible Depositories as set forth in the Uniform Depository Act shall apply under this Chapter 147, of the Codified Ordinances.
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Ordinance No. 24-83
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SECURITY FOR REPAYMENT OF DEPOSITS
a) The Director of Finance, before making the initial
deposit in a public depository pursuant to an award made
under the provisions of this Ordinance or pursuant to investment in an a certificate of deposit as defined in this
Ordinance shall require the institution designated as the
depository to pledge to and deposit with him, as security
for the repayment of all Public Moneys to be deposited in
the depository during the period of designation pursuant
to the award, eligible securities of aggregate market
value equal to the excess of the amount of Public Moneys
to be at the time so deposited, over and above such por- tion or amount of such moneys as is at such time insured by
the federal deposit insurance corporation or by any other
agency or instrumentality of the federal government or of
the State of Ohio as may be approved by the Village
Manager and Director of Law, or the Director of Finance
may require such institution to deposit with him surety
company bonds or other insurance policies approved by the
Village Manager and Director of Law which, when executed,
shall be for an amount equal to such excess amount. In the
case of any deposit other than the initial deposit made
during the period of designation, the amount of the aggre- gate market value of securities required to be pledged and deposited, or of the surety company bonds required to be
deposited or the other insurance coverage required, shall
be equal to the difference between the amount of Public
Moneys on deposit in such publ ic depository plus the amount
to be so deposited, minus such portion or amount of the
aggregate as is at the time insured as provided in this
section. The Director of Finance may require additional
eligible securities to be deposited to provide for any depreciation which may occur in the market value of any of the securities so deposited.
b) The following securities shall be eligible for the pur- poses of this section:
1) Bonds, notes, or other obligations of the United States; or bonds, notes, or other obligations
guaranteed as to principal and interest by the
United States or those for which the faith of the
United States is pledged for the payment of prin- cipal and interest thereon, by language appearing
in the instrument specifically providing such
guarantee or pledge and not merely by interpretation
or otherwise;
2) Bonds, notes, debentures, or other obligations or securities issued by any federal government agency,
or the export-import bank of Washington; bonds,
notes, or other obligations guaranteed as to prin- cipal and interest by the United States or those
for which the faith of the United States is pledged
for the payment of principal and interest thereon, by interpretation or otherwise and not by language appearing in the instrument specifically providing such guarantee or pledge;
3) Bonds and other obligations of this state;
4) Bonds and other obligations of any county, township, school district, municipal corporation, including the Village, or other legally constituted taxing subdivision of this state, which is not at the time of such deposit, in default in the payment of princi- pal or interest on any of its bonds or other obliga- tions, for which the full faith and credit of the issuing subdivision is pledged;
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Ordinance No. 24-83
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5) Bonds of other states of the United States which
have not during the ten years immediately ceding the pre- time of such deposit defaulted in payments
of either interest or principal on any of their bonds;
6) Obligations guaranteed as to principal and interest
by the Ohio student loan commission.
c) If the depository fails to pay over any part of the deposit made therein as provided by law, the Director of Finance shall sell at public sale any of the bonds or other securities deposited
with herh/im pursuant to this section or Section 131. 09 of the Revised Code of Ohio. Thirty days' notice of such sale shall be given in a newspaper of general circulation at the county seat of the county in which the office of the Director of Finance is located. Pursuant to division (C) of Section 135. 18 of the Revised Code of Ohio, when a sale of bonds or other securities has been so made and upon payment to the
Director of Finance of the purchase money, the Director of Finance shall transfer such bonds or securities whereupon the absolute ownership of such bonds or securities shall pass to the purchasers, and any surplus remaining after deducting the amount due the state or subdivision and expenses of sale shall be paid to the depository.
d) An institution designated as a depository may, by written notice to the Director of Finance, designate a qualified trustee and deposit the eligible securities required by this section with the trustee for safekeeping for the account of the Director of Finance and the institution as a depository, as their re- spective rights to and interests in such securities under this section may appear and be asserted by written notice to or demand upon the trustee pursuant to division (D) of Section 135. 18 of the Revised Code of Ohio. In such case, the Director of Finance shall accept the written receipt of the trustee describing the securities which have been deposited with the trustee by the depository, a copy of which shall also be de- livered to the depository. Thereupon all such securities so deposited with the trustees are, pursuant to division (D) of Section 135.18 of the Revised Code of Ohio, deemed to be pledged with the Director of Finance and to be deposited with herh/im, for all the purposes of this section.
oef ) The Council may make provisions for the exchange and release securities and the substitution of other eligible securities therefor except where the depository has deposited eligible sseecctuiorinti.es with a trustee for safekeeping as provided in this
f) When the depository has deposited eligible securities described in division (b) 1() of this section with a trustee for safekeeping, the depository may at any time substitute or ex- change eligible securities described in division (b) 1() of this section having a current market value equal to or greater than the current market value of the securities then on deposit and for which they are to be substituted or exchanged, without specific authorization from the Village' s Council or Director of Finance of such substitution or exchange.
sgcr)ibeWdhenin thdeivdiseipoonssito (ry has deposited eligible securities de- b) 2() to (6) of this section with a trustee for safekeeping, the depository may at any time substi- tute or exchange eligible securities having a current market value equal to or greater than the current market value of the securities then on deposit and for which they are to be substi- tuted or exchanged without specific authorization of the Council oonr lytheif:Director of Finance of any such substitution or exhange
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Ordinance No. 24-83
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1) The Director of Finance has authorized the depository
to make such substitution or exchange on a continuing
basis during a specified period without prior approval
of such substitution or exchange. Such authorization
may be effected by the Director of Finance sending to
the trustee a written notice stating that substitution
may be effected on a continuing basis during a specified
period which shall not extend beyond the end of
the period of designation during which the notice is
given. The trustee may rely upon such notice and
upon the period of authorization stated therein and
upon the period of designation stated therein.
2) No continuing authorization for substitution given by the has been Director of Finance, the depository
notifies the Director of Finance and the trustee of
an intended substitution or exchange, and the Director
of Finance fails to object to the trustee as to the
eligibility or market value of the securities being
substituted within ten calendar days after the date
appearing on the notice of proposed substitution. The notice to the Director of Finance and to the
trustee shall be given in writing and delivered per- sonally or by certified or registered mail with a return receipt requested. The trustee may assume in
any case that the notice has been delivered to the
Director of Finance to be effective, receipt of the
objections must be acknowledged in writing by the trustee.
3) The Director of Finance gives written authorization
for a substitution or exchange of specific securities.
h) The depository shall notify the Director of Finance of any such substitution or exchange under division (g) (1) or (2) of this section. Upon request from the Director of Finance, the trustee shall furnish a statement of the securities pledged against such public deposits.
i) Pursuant to division (I) of Section 135. 18 of the Ohio Revised Code, any federal reserve bank or branch thereof located in this state, without compliance with sections 1109.03, 1109.04, 1109. 17, and 1109. 18 of the Revised Code of Ohio, or this Chapter 147 of the Codified Ordinances of the Village and without becoming subject to section 1109. 15 of the Revised Code of Ohio or any other law of Ohio relative to the exercise by corporations of trust powers generally, is qualified to act as trustee for the safekeeping of securities, under this section. Pursuant to division (I) of Section 135. 18 of the Revised Code of Ohio, any institution mentioned in section 135.03 of the Revised Code of Ohio which holds a certificate of qualification issued by the superintendent of banks or any institution complying with sections 1109.03, 1109.04, 1109.17, and 1109. 18 of the Revised Code of Ohio, is qualified to act as trustee for the safekeeping of securities, other than those belonging to itself, under this section and such section 135. 18 of the Revised Code of Ohio. Pur- suant to Section 135.18 of the Revised Code of Ohio, upon applica- tion to himh/er in writing by any such institution, the superin- tendent of banks shall investigate the applicant and ascertain whether or not it has been authorized to execute-and accept trusts in Ohio and has safe and adequate vaults and efficient supervis- ion thereof for the storage and safekeeping within Ohio of such securities. If the superintendent find that the applicant has been so authorized and does have such vaults and supervision thereof, hes/he shall, pursuant to Section 135.18 of the Revised Code of Ohio, approve the application and issue a certificate to that effect, the original or any certified copy of which shall be conclusive evidence that the institution therein named is quali- fied to act as trustee for the purpose of this section with respect to securities other than those belonging to itself.
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Ordinance No. 24-83
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Notwithstanding the fact that a depository is required to pledge eligible securities in certain amounts to secure deposits
of Public Moneys, a trustee shall have no duty obligation to determine or the eligibility, market value, or face value of any securities deposited with the trustee by a depository. This applies in all situations including, without
limitation, a substitution or exchange of securities.
Pursuant to Section 135.18 of the Revised Code of Ohio, any charges or compensation of a designated trustee for acting as such under this section shall be paid by the depository and in
no event shall be chargeable to the Village or to the Director
of Finance or to any officer of the Village. Pursuant to Section 135. 18 of the Revised Code of Ohio, such charges or compensation shall not be a lien or charge upon the securities
deposited for safekeeping prior or superior to the rights to
and interests in such securities of the Village or of the Director of Finance. Pursuant to Section 135. 18 of the Revised
Code of Ohio, the Director of Finance and her/ his bondswomen/
bondsmen or surety shall be relieved from any liability to the Village or to the depository for the loss or destruction of any sseecctuiorinti.es deposited with a qualified trustee pursuant to this
INVESTMENTS
a) All Public Moneys of the Village not deposited in Active Deposits or kept by the Director of Finance as a cash reserve as may be prescribed by the Village Manager, shall be invested by the Director of Finance pursuant to this section, and in- vestments shall not be limited to such moneys which will not be needed for a period of six months.
b) The Director of Finance may invest in any of the following classifications of obligations, which are hereby determined to be eligible for investment:
1) Bonds, notes, or other obligations of or guaranteed by the United States, or those for which the faith of the United States is pledged for the payment of principal and interest thereon;
2) Bonds, notes, debentures, or other obligations or securities issued by any federal government agency, or the export-import bank of Washington;
3) Discount notes of the federal national mortgage association, and bonds issued by the homeowners'
loan corporation, as defined in Section 731. 56 of the Revised Code of Ohio;
4) Bonds and notes of the State of Ohio;
5) Bonds and notes of any municipal corporation, includ- ing the Village, county, township or other political subdivisions of Ohio as to which there is no default of principal, interest or coupons;
6) The Director of Finance may enter into a repurchase agreement with any eligible institution mentioned in Section 135.03 of the Revised Code of Ohio, under the terms of which agreement the Director of Finance pur- chases for the Village, and such institution agrees unconditionally to repurchase any of the securities listed in divisions (b) 1() or (2) of this section that will mature or are redeemable within five years from the date of purchase; and
7) Certificates of deposit of Eligible Depositories, which may provide a(nd if so, shall be shown on its face) that the amount of such deposit is payable dupaoten written notice a specified period before the of the repayment maturity.
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Ordinance No. 24-83
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8) Insured deposit accounts in Eligible Depositories
paying interest at a rate greater than the interest
rate paid on the Village' s Active Deposits, provided
that such investments must be approved in writing by Village Manager and Director of Law and that such
approval by the Village Manager and Director of Law
shall also include approval of the insurance provided
to secure and protect the Village' s ability to the principal deposited recover in such deposit account.
c) The Village Manager may order the Director of Finance to sell any of the securities, obligations, or certificates of de- posit or to close any accounts held as investments. Such order
shall be in writing and shall specifically describe the securities,
obligations, certificates of deposit or accounts and fix
the date on which they are to be sold or closed. Securities,
obligations, certificates of deposit or accounts ordered to be
sold or closed by the Village Manager shall be sold or closed for cash by the Director of Finance on the date fixed in the
Village Manager' s order at the then current market price.
d) The Director of Finance may sell any securities, obliga- tions, or certificates of deposit or close any accounts held as investments without the written order of the Village Manager mentioned in division (c) of this section for cash and for a sum not less than their current market price.
oef )LawTheandDitrheector of Finance, the Village Manager, the Director members of Council shall not be held accountable
or personally liable for any loss occasioned by the sale of securities, obligations, or certificates of deposit or by the closing of insured deposit accounts authorized pursuant to divisions (c) or (d) of this section at prices lower than their cost or balance. Any loss or expense in making such sales or closings shall be payable as other expenses of the Village.
f) Investments authorized by division (b) of this section shall not be made at a price in excess of the current market price. The members of Council, the Village Manager, the Director of Law and the Director of Finance shall not be personal- ly liable for or with respect to the purchase of securities, obligations, or certificates of deposit or the deposit of Public Moneys in insured deposit accounts authorized as investments pursuant to division (b) of this section; and the members of Council, the Village Manager and the Director of Law shall not be personally liable for any unauthorized investment by the Director of Finance.
pgur)chaIsfedany securities, obligations or certificates of deposit under the authority of this section are issuable to a designated payee or to the order of a designated payee, the name of the Director of Finance and the title of herh/is office shall be so designated. In any such securities, obligations or certificates of deposit are registrable either as to principal oinr tihneterest, or both, then such securities shall be registered name of the Director of Finance as such.
h) The Director of Finance is responsible for the safekeeping of all securities, obligations or certificates of deposit acquired by herh/im under this section. Any of such securities, obligations or certificates of deposit may be deposited for safe- keeping with a qualified trustee as provided in section 135.18 of the Revised Code of Ohio, except the delivery of securities acquired under a repurchase agreement shall be made to a quali- fied trustee. If securities, obligations or certificates of deposit are not deposited with a qualified trustee, they shall be in the custody of the Director of Finance and shall be kept by herh/im in a safe deposit box or vault belonging to an Eligible Depository, and such safe deposit box or vault shall be opened only upon a warrant or order of the Director of Finance or a person duly authorized as the Acting Director of Finance in the presence of one or more of the Director of
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Ordinance No. 24-83
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Finance, Director of Law or Village Manager or persons duly
authorized as Acting Directors of Finance or Law or Acting
Village Manager. The warrant or order to open such safety
deposit box or vault shall direct the deposit or removal of
such securities, obligations or certificates of deposit,
clipping of coupons or other official business reason for
opening the box or vault. A report of what is placed in, removed
from or other official business conducted shall, on the
same day of the opening of the box or vault, be signed by the
officer witnessing such opening and the Director of Finance,
and such report shall be retained by the Director of Finance.
Interest earned on any investments, including certificates
of deposit, authorized by this section shall be collected by
the Director of Finance and credited by her/him to the proper fund of the Village as required by Law.
i) Upon the expiration of the term of office of the Director
of Finance or in the event of a vacancy in the office of the
Director of Finance by reason of death, resignation, removal
from office, or otherwise, the Director of Finance or her/his
legal representative shall transfer and, deliver to his successor
all securities, obligations and certificates of deposit
held by her/him. For the securities, obligations and certificates
of deposit so transferred and delivered, such Director
of Finance shall be credited with and his successor shall be
charged with the amount of money invested in such securities,
obligations and certificates of deposit.
j) Whenever securities, obligations or certificates of deposit
acquired under this section mature and become due and
payable, the Director of Finance shall present them for payment
according to their tenor, and shall collect the moneys payable
thereon. The moneys so collected shall be treated as Public
Moneys subject to the provisions of this Chapter 147 of the Codified Ordinances.
k) The Director of Finance shall maintain accounts in which
she/ he shall make appropriate entries of all transactions lating to the investment re- of treasury funds. The Director of
Finance shall keep a record of the number and maturity of interest
coupons on instruments in which the Village has invested.
1) On and after January 1, 1983, the Director of Finance
shall provide to the Village Manager and each member of the
Council monthly statements showing the deposits, withdrawals
and balances in the various depositories of the Village; and,
upon request of the Village Manager or the Council, shall pro- vide periodic reports, in such detail as required by the Council
hoer ldth.e Village Manager, of all investments purchased, sold and
MISCELLANEOUS PROVISIONS
a) The Director of Finance, the Village Manager, the Director of Law and members of Council and their bondswomenb/ondsmen or sureties shall be relieved from any liability for the loss of
any Public Moneys deposited or invested pursuant to and in com- pliance with this Chapter 147 of the Codified Ordinances,
including, but not limited to losses occasioned by the failure of any depository.
b) Section 731. 55 of the Revised Code of Ohio shall be applicable to the Village and the insurance authorized by such section may be procured by the Village Manager and the costs of such insurance shall be paid by the Village.
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Ordinance No. 24-83
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Section II:
Section III:
Passed this
It is hereby found and determined that all formal actions of
this Council concerning and relating to the passage of this
Ordinance were adopted in an open meeting of this Council,
and that all deliberations of this Council and of any of its
Committees that resulted in such formal actions, were in
meetings open to the public in compliance with all legal
requirements including the Village' s Codified Ordinances
and Section 121. 22 of the Ohio Revised Code.
This ordinance shall take effect and be in force after the
earliest period allowed by law.
21st
Attest: CJ 1< -. ltu*-CTErk of Cou.ncil v ru,"-)
Approved
Law Director
to fo m:
day of September
Ma5*/.
1983.

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