Ohio Revised Code
Chapter 731 | Organization
Section 731.59 | Custody of Municipal Securities.

Effective: September 29, 2015
Latest Legislation: House Bill 64 - 131st General Assembly
All securities belonging to the treasury of any municipal corporation or to any fund thereof, other than the sinking fund, 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 treasurer of the municipal corporation. Such custody shall be as a qualified trustee pursuant to division (E) of section 135.18 of the Revised Code, which shall be required to report to the treasurer, auditor of state, or an authorized outside auditor at any time upon request as to the identity, market value, and location of the document evidencing each security. Such securities, if not kept in the custody of a member of the federal reserve banking system, shall be in the custody of such treasurer and shall be kept in a safe deposit box or vault belonging to a regular depository of the municipal corporation. If such securities are so kept, such safe deposit box or vault shall be opened only in the presence of one or more of the three officers named in section 731.57 of the Revised Code, and only upon a warrant or order of the chief accounting officer directing the deposit or removal of securities purchased or sold or the clipping of interest coupons for collection. 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 treasurer and by the witness required by this section, and shall be returned to the chief accounting officer upon the same day. Whenever any securities are so held for the municipal corporation the officers having power to make such investments shall be bonded in amounts to be stipulated by ordinance. Such bonds may cover other contingencies in which such officers might become liable to the municipal corporation. In the event securities are deposited with a member of the federal reserve banking system, such securities may be withdrawn or sold only upon order of the three officers named in such section.
All investments, except for investments by the municipal corporation in the issues of such municipal corporation, shall be made only through a member of the national association of securities dealers, inc., through a bank, savings bank, or savings and loan association regulated by the superintendent of financial institutions, or through an institution regulated by the comptroller of the currency, federal deposit insurance corporation, board of governors of the federal reserve system, or federal home loan bank board. Payment for investments shall be made only upon the delivery of securities representing such investments to the treasurer or qualified trustee. If the securities transferred are not represented by a certificate, payment shall be made only upon receipt of confirmation of transfer from the custodian by the treasurer, governing board, or qualified trustee.

Structure Ohio Revised Code

Ohio Revised Code

Title 7 | Municipal Corporations

Chapter 731 | Organization

Section 731.01 | Members of Legislative Authority.

Section 731.02 | Qualifications of Members of Legislative Authority.

Section 731.03 | Election and Term of Members of Legislative Authority.

Section 731.04 | Officers of Legislative Authority.

Section 731.05 | Powers of Legislative Authority.

Section 731.06 | Division of City Into Wards.

Section 731.07 | Salaries Shall Not Be Changed During Term.

Section 731.08 | Power of Legislative Authority as to Salaries and Bonds.

Section 731.09 | Members of Village Legislative Authority - Election - Terms of Office.

Section 731.091 | Elimination of Staggered Terms of Office.

Section 731.10 | President Pro Tempore of the Legislative Authority - Employees.

Section 731.11 | Vacancy When President Pro Tempore Becomes Mayor.

Section 731.12 | Qualifications of Members of Village Legislative Authority.

Section 731.13 | Compensation and Bonds of Village Officers, Clerks and Employees.

Section 731.14 | Contracts by Legislative Authority of a Village - Exception.

Section 731.141 | Village Administrator to Make Contracts and Purchases.

Section 731.15 | Bids and Proceedings.

Section 731.16 | Alterations or Modifications of Contracts.

Section 731.17 | Passage of Ordinances and Resolutions.

Section 731.18 | Style of Ordinances.

Section 731.19 | Subject and Amendment of Bylaws, Ordinances, and Resolutions.

Section 731.20 | Authentication and Recording.

Section 731.21 | Publication of Ordinances and Resolutions.

Section 731.211 | Method of Giving Notice of Proposed Charter Amendments.

Section 731.22 | Times of Publication Required.

Section 731.23 | Publication and Certification of Ordinances in Book Form.

Section 731.231 | Adopting Standard or Technical Ordinances and Codes.

Section 731.24 | Certificate of Clerk as to Publication.

Section 731.25 | Publication When No Newspaper in Municipal Corporation.

Section 731.26 | Effect of Not Making Publication.

Section 731.27 | Mayor's Veto in Cities.

Section 731.28 | Ordinances and Measures Proposed by Initiative Petition.

Section 731.29 | Petition for Referendum.

Section 731.30 | Application of Sections.

Section 731.31 | Presentation of Petition.

Section 731.32 | Copy of Proposed Ordinance or Measure Filed With Auditor or Clerk.

Section 731.33 | Words Which Shall Be Printed in Red.

Section 731.34 | Designation of Committee Filing Petition.

Section 731.35 | Itemized Statement by Circulator of Petition.

Section 731.36 | Prohibited Practices Relative to Petitions.

Section 731.38 | Prohibition Against Accepting Premium for Signing.

Section 731.40 | Prohibition Against Threats in Securing Signatures.

Section 731.41 | Charter Municipal Corporations.

Section 731.42 | Bylaws and Ordinances as Evidence.

Section 731.43 | Vacancy in Village Legislative Authority.

Section 731.44 | Judge of Election and Qualification of Members - Quorum and Special Meetings.

Section 731.45 | Rules - Journal - Expulsion of Members.

Section 731.46 | Meetings of Legislative Authority.

Section 731.47 | General Powers.

Section 731.48 | Contract Restrictions.

Section 731.49 | Failure to Take Oath or Give Bond.

Section 731.50 | Notice When New Bond Required.

Section 731.51 | Notice to Owner to Cut Noxious Weeds or Remove Litter - Service.

Section 731.52 | Fees for Service and Return.

Section 731.53 | Procedure When Owner Fails to Comply With Notice.

Section 731.54 | Written Return to County Auditor - Amount a Lien Upon Property.

Section 731.55 | Insurance for City Funds or Securities - Costs.

Section 731.56 | Investment of City Funds.

Section 731.57 | Investment Authorized - Limitations - Procedure.

Section 731.58 | Treasury Investment Account.

Section 731.59 | Custody of Municipal Securities.

Section 731.99 | Penalty.