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<br />~~ <br /> <br />Hildie <br /> <br />1. ):r. <br /> <br />,. <br />(' ,02 <br /> <br />01WINANCE NO <br /> <br />. <br /> <br />AN ORDINANCE decl~ring an emergency and pro~iding(or the usual daily <br />Operation of the D~p~rtment of Finance by designating depositories for <br />the deposit of public fund$. <br /> <br />WHEREAS, in accordance with Article 111, Seotion 17 of' the Charter of <br />the City of La.kewood, Ohio, Council did on June 5t4, 1920 receive and <br />open competitive bids from banks in Cuyahoga County to act a.sdeposi- <br />tories for pUblio funds, a.nd <br /> <br />WHEREAS, The Lorain street Savings Bank have offered to act as depository <br />for so much of the City of Lakewood funds as may by law be awarded them and <br />pay 5.25% interest computed on daily balances and credited monthly upon <br />all moneys sO deposited with them, for a period of' two years; and <br /> <br />WHEREAS, The forest City Savings & Trust Company have otf'ered to pay for <br />the use o( publid funds of the City of Lakewood" for a period of one year <br />interest credited monthly at the following rate: $150,000.00 at the rate <br />of 5.50% and 5.25% on the balance of funds; but a.re willing to pay 5.25% <br />on daily balanoes for a period of two yea.rs; and <br /> <br />of publio <br />and <br /> <br />The La.kewood State Ba.nk have offered to pay for the use <br />the City of Lakewood 4.51% up to a. limit of $60,000.00, <br />, <br /> <br />WHEREAS, <br />funds of <br /> <br />WHEREAS. The Guardian Savings & Trust Company thru its RockyR1ver Offiee <br />have off'ered to pay for the use of publio funds of the city of Lakewood <br />4.00% for a period of one, two or three years; (owing to its location it <br />would be a greatoonvei1:tence to use said Guardian Savings & Trust Company <br />Rocky River Office, as on~ of the city depositoriest and also because of <br />the fact that present deposits are now in this bank), and <br /> <br />Ohio, <br /> <br />. <br />. <br /> <br />THEREFORE, :BE IT ORDAINED by the Council of the Oity of Lakewood, <br />three-fourths of all members elected thereto concurring, <br /> <br />interèst <br /> <br />of'fered a lower raee of <br /> <br />have <br /> <br />all other bidders <br /> <br />, <br /> <br />WHEREAS <br /> <br />Section I: That the Dirèctor of Finanoe be, and he is hereby authorized <br />and directed to deposit all moneys coming into his hands as City Treasurer <br />in such proportions as he deems to the best advantage of the City, in the <br />following named banks: <br /> <br />Co. <br /> <br />Lorain street Savings <br />Forest City Savings & <br />Lakewood state :Bank <br />Guardian Savings & TrUst Co. <br /> <br />Bank <br />Trsut <br /> <br />The <br />The <br />The <br />The <br /> <br />Section 2: That Tho Lorain street Savings :Bank shall pay 5.25% interest <br />Theð6rest City Savings & T:rust Company sMll pay 5.25% interest; The <br />LakewoOd Stat e :Bank sha.ll pay 4.51% interest ,and the Guardian Savings & <br />Trust Company sMll pay 4.00% interest on money deposited, computed on <br />daily balances of even hundred, and credited monthly, and shall give good <br />and sufficient bond or other security as requireð. by law. <br /> <br />Section 3: That theClerk transmit a copy of this ordinance to each of <br />said banks for their acceptance within 8 days followinp, the passage hereof, <br />and each bank so accepting shall be deemed a depository for a period of <br />two years on and after Julyl, 1920 and until further order of Council. <br /> <br />Section 4: That this ordinanoe is hereby del cared to be an emergen:::y <br />measure, necessary fÐr the daily operation of the Department of Yinanoe <br />and shall be in fu1.l fllllrce and effect forthwith after its passage and <br />approval by the Mayor. <br /> <br /> <br /> <br />June <br /> <br />. <br />. <br /> <br />Adopted <br /> <br />Cler k <br /> <br /> <br />o <br /> <br />A <br /> <br />Hill <br />:r.1ayor <br /> <br />E <br /> <br />L. <br /> <br />Approved <br />