INVESTMENT OF TREASURY FUNDS

Columbus City Codes tit. 3, ch. 325

in effect

Columbus City Codes § 325.02 Treasurer's investment portfolio report.

325.02 - Treasurer's investment portfolio report. The city treasurer shall at least monthly submit to the city auditor and the director of finance and management a statement disclosing all purchases, sales, and inventory of such investments along with interest received and to be received by the city from such investments. (Ord. 543-95; Ord. 1102-05 § 1 (part).)

Columbus City Codes § 325.03 Treasurer investment account—Interest coupons.

325.03 - Treasurer investment account—Interest coupons. The city auditor shall maintain an account, to be known as the "treasury investment account" in which the city auditor shall enter all transactions relating to the investment of treasury funds under this chapter. The city treasurer shall maintain a record and furnish daily to the city auditor and the director of finance and management reports of all items entered thereon, showing all bonds or other securities purchased or sold for the treasury account, with the identifier number, maturity date, purchase date, and interest rate of each. If no bonds or other securities are purchased or sold, then no such report need be furnished for that day. The city treasurer shall keep a record of the number and maturity of interest coupons, and whenever any such securities or interest coupons are due, the city auditor shall issue an order for their collection, in the same manner as other receipts are collected. (Ord. 543-95; Ord. 1102-05 § 1 (part); Ord. No. 2019-2021, § 1, 7-26-2021)

Columbus City Codes § 325.04 Regulation of securities.

325.04 - Regulation of securities. All securities belonging to the treasury of the city or to any fund thereof may be placed in the custody of any member of the Federal Reserve banking system, upon the issuance by such member of its custodian or other bailment receipt to the city treasurer. Such securities, if not kept in the custody of a member of the Federal Reserve banking system, shall be in the custody of the city treasurer and shall be kept in a safe deposit box or vault belonging to a regular city depository. If such securities are so kept, such safe deposit box or vault shall be opened only in the presence of the city treasurer and deputy city treasurer or city treasurer and one (1) of the other two (2) officers named in C.C. 325.011. A report of whatever is placed in or removed from such safe deposit box or vault upon any such occasion shall be signed by the city treasurer and by the witnesses required by this section. No bond in addition to that required by other ordinance shall be required of the officers named in C.C. 325.011. In the event securities are deposited with a member of the Federal Reserve banking system, such securities may be withdrawn or sold only upon order of the officers named in C.C. 325.011 or a majority of such officers. (Ord. 543-95; Ord. No. 2044-2019, § 6, 7-29-2019)

Columbus City Codes § 325.05 Mandatory purchase of city obligations with put arrangements.

325.05 - Mandatory purchase of city obligations with put arrangements. For purposes of this section: (A) "Put arrangements" shall have the meaning set forth in Ohio R.C. 9.98(N). (B) "Remarketing agent" shall have the meaning set forth in Ohio R.C. 9.98(O). If obligations of the city which provide for put arrangements are outstanding and if the remarketing agent for such obligations is otherwise unable to remarket such obligations upon the tender for purchase thereof in accordance with their terms, then to the extent that there are moneys in the treasury of the city available for investment pursuant to C.C. 325.010, the city treasurer shall purchase such obligations for the treasury investment account at a price not in excess of the principal amount thereof plus accrued interest, if any, and retain such obligations in the treasury investment account, until the earlier of their maturity or such time as they are remarketed by the remarketing agent. If uninvested moneys in the treasury of the city are insufficient to provide for purchase of obligations of the city under the circumstances described in the immediately preceding paragraph of this section, the city treasurer shall convert such other investments made pursuant to C.C. 325.010 to cash to the extent necessary, and at such time as is necessary, to provide sufficient moneys for such purchase. Obligations purchased by the city treasurer pursuant to this section shall remain outstanding in accordance with their terms and shall not be considered redeemed or retired as a result of the purchase thereof pursuant to this section. (Ord. 543-95.)

Columbus City Codes § 325.010 Permissible investments.

325.010 - Permissible investments. Whenever there are moneys in the treasury of the city such moneys may be invested in the following classifications of obligations: (A) Bonds, notes, or other obligations of the United States government or its agencies for which the faith of the United States is pledged for the payment of principal and interest thereon. Any United States government agency obligations must be direct issuances of the agency. They are: Obligations of the United States government: United States Treasury Bills United States Treasury Notes United States Treasury Bonds United States Treasury Strips Obligations guaranteed by the United States government: Federal government agencies: Department of Housing and Urban Development Farmers Home Administration General Service Administration Government National Mortgage Association Maritime Administration Washington Metropolitan Area Transit Authority (B) Bonds, notes, debentures, or other obligations issued by any of the federal government-sponsored enterprises listed below. Any obligations must be direct issuances of the federal government-sponsored enterprise. They are: Federal Farm Credit System Federal Home Loan Banks Federal Home Loan Mortgage Corporation Federal National Mortgage Association (C) The Ohio State Treasurer's Asset Reserve Funds pursuant to Ohio R.C. 135.45; (D) Bonds or other obligations of the city of Columbus, Ohio; (E) Obligations of the state of Ohio or any municipal corporation, village, county, township or other political subdivision of the state of Ohio, as to which there is no default of principal or interest and which have been approved as to their validity by nationally recognized bond counsel; (F) Re-purchase agreements which are collateralized with legally authorized securities as defined in Section 325.010 of Columbus City Codes and held in third-party safekeeping designated by the city treasurer and in the name of the city of Columbus; (G) Others as provided for in Ohio R.C. 135.14 for interim deposits. (Ord. 321-96; Ord. No. 2737-2018, § 2, 10-8-2018; Ord. No. 2044-2019, § 4, 7-29-2019)

Columbus City Codes § 325.011 Treasury investment board.

325.011 - Treasury investment board. The treasury investment board shall consist of the city treasurer, chairperson, or deputy city treasurer, the city auditor and the director of finance and management. A majority of these officers including the city treasurer, or deputy city treasurer, the city auditor and the director of finance and management may authorize the city treasurer or deputy city treasurer to invest funds of the city in those securities meeting investment criteria as set forth herein in this chapter. The treasury investment board is authorized to establish guidelines, consistent with the intent of this chapter, in order to implement this chapter. (Ord. 543-95; Ord. 1102-05 § 1 (part).)

Columbus City Codes § 325.012 Investment criteria.

325.012 - Investment criteria. (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) Investments may be redeemed or sold prior to maturity to meet additional liquidity requirements, to restructure the investment portfolio or to enhance the yield of the overall investment portfolio. Such changes may be made on a case by case basis and shall be subject to the approval of the city treasurer or deputy treasurer. (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 Financial Industry Regulatory Authority (FINRA) and the State of Ohio Securities Division. (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; Ord. No. 2044-2019, § 5, 7-29-2019)

Source: City of Columbus, City Codes and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/oh/columbus/codes/code_of_ordinances?nodeId=TIT3FITACO_CH325INTRFUFetched: 10/27/2026