§ 325.012. Investment criteria.  


Latest version.
  • (A)

    Investments shall not be made at a price in excess of the current market value of such bonds or other interest-bearing obligations. Such bonds or other interest-bearing obligations may be sold for cash and for a sum of not less than their current market price. The provisions of this section shall be executed and administered as provided in this chapter.

    (B)

    Whenever it is necessary to convert any such obligations into cash, they shall be sold by the city treasurer or deputy treasurer for a price not less than the current market value when authorized by a majority of the treasury investment board.

    (C)

    Investments shall be made only through financial institutions and investment advisors approved by the treasury investment board to provide investment services to the city. The approved security broker/dealers must be registered with the State of Ohio Securities Division and maintain an office in the state of Ohio.

    (D)

    All transactions for the purchase and sale of securities shall be made only on a delivery versus payment basis.

    (E)

    Securities will be held by a third party custodian designated by the treasury investment board and evidenced by safekeeping receipts or written confirmations.

    (F)

    No investment shall be purchased that has a remaining term to final maturity of more than five (5) years, unless the security meets the following criteria:

    (1)

    the security is an assessment bond or note issued by city of Columbus, OH; and

    (2)

    the purchase is approved by the Treasury Investment Board.

(Ord. 543-95; Ord. No. 1381-2012, § 1, 6-18-2012; Ord. No. 1516-2018 , § 1, 6-11-2018; Ord. No. 2737-2018 , § 3, 10-8-2018)