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Minutes of the Regular Meeting of Council <br />Monday, May 16, 2011 <br />Page 20 <br />Ohio Revised Code at that point in time which has changed. It was also adopted based <br />upon the funds that we had in place on our books at that time which have changed <br />significantly since then. Now that the Village has some cash to invest, I have been <br />working with a municipal investment advisor from UBS who took a look at our Investment <br />Policy and informed me that he was unable to work with it based upon the way it was <br />drafted back in 1996 so I worked with the Law Department and we revised it based upon <br />the current rules and regulations that are established by the State of Ohio. This will allow <br />us the flexibility to start investing our excess reserves. <br />Council President Buckholtz asked, what does that mean when they said that they couldn't <br />work with it until we revamped it? <br />Mr. Wynne replied, I don't have the specifics with me, but with the changes in the Ohio <br />Revised Code as far as investing and the length of time you can invest the money, we had <br />to make those changes. <br />Mayor Rinker added, to conform to the Revised Code. <br /> <br />Mr. Wynne replied, yes, and the type of investment. The investment strategy they are doing <br />is investing the money in Certificates of Deposit. We will start 7 months out with CD's at <br />$100,000 each for the next 12 months so that every 6 months they review it so we get the <br />maximum return to protect the main investment and have it liquid enough in the event that <br />we do need it. <br />Council President Buckholtz asked, so it's a conservative investment approach? <br />Mr. Wynne replied, what we are allowed to do within the confines of the Revised Code is <br />conservative. <br />Council President Buckholtz asked if there were any other comments or discussion. There <br />was none. <br />ROLL CALL: AYES: All <br />NAYS: None <br />Motion Carried <br />Ordinance Enacted <br />• First Reading of Ordinanee No. 2011-27, entitled, "An emergency ordinance <br />authorizing the Mayor to enter into a contract with Apple Heating & Cooling for the <br />purchase of two (2) Carrier air conditioning units in an amount not to exceed $14,000.00 <br />without the necessity of advertisement and formal bidding." Introduced by Mayor Rinker <br />and Council as a Whole. <br />Mrs. Mills, seconded by Mrs. Cinco, made a motion to suspend the rules of Council <br />requiring an Ordinance to be read on three separate occasions. <br />ROLL CALL: AYES: All <br />NAYS: None Motion Carried <br />Rules Suspended