82-92 Amend 129.101 Invest Funds in SAFE

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ORDINANCE NO. 82-92 By:Boscia, Gallagher, George Gibbons, Roth, Seelie, Smith AN ORDINANCE to amend Section 129.101(b) of the Codified ordinance of the City of Lakewood designating authorized obligations in which ~the Director of Finance is permitted to invest public moneys. WHEREAS, this Council desires investment opportunities available Lakewood, and to expand the to the City of WHEREAS, the Cuyahoga County Investment Committee's Secured Asset Fund Earnings Program (SAFE) may provide an enhanced return investment with a reasonably prudent level of risk, and WHEREAS, the SAFE Program is an obligation which is determined to be eligible for investment of the public moneys of the city of Lakewood, now, therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD, OHIO: STATE OF Section Ordinances of follows: 1. That Section 129.101(b) the City of Lakewood, of the Codified now reading as 129.101 INVESTMENTS. (b) The Director of Finance or his designee 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 morgage association and bonds issued by the homeowners' loan corporation as defined in Ohio R.C. 731.56; (4) Bonds and notes of the State; (5) Bonds and notes of any municipal corporation, including the City, 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 or his designee may enter into a repurchase