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Section 1. That the deposit of monies of the City of Lakeweod <br />be awarded as follows: <br /> <br />Active deposits to: <br /> <br />Central National Bank of Cleveland <br />The 01eveland Truer 0ompany <br />The National City Bank ef Cleveland <br />Society National Bank ef Cleveland <br />The Union Commerce Bamk <br /> <br />Inactive deposits to: <br /> <br />Central National Bank of Cleveland <br /> <br />and the Director of Finance is hereby authorized and directed te <br />posit all monies coming into his possession as Director ef Finance in <br />the banks named in this section for a period of two (2) years, commen- <br />cing July l, 1959, in accordance with the provisions of their applica- <br />tion as above indicated. <br /> <br /> Section 2. That the probable amount of active public monies to <br />be se deposited in the public depositories named in Section one (1) at <br />the beginning ef period ef designation is estimated at <br />and the probable maximum amount subject to the deposit therein at amy <br />time during said period is estimated at $2,SO0,CO0.©~. That the prebable <br />amount of inactive pmblic monies to be deposited will be in the amount <br />of $3,000,OO0.OG. Security for both active and inactive deposits shall <br />be required in accordance with statutory previsions. <br /> <br /> Section 3. The Director of Finance shall transmit a copy of <br />thio ordinance together with an agreement to said depositories for <br />their acceptance and upon receipt thereof they shall be deemed to be <br />the duly designated depositories for two years beginnimg July l, 1959. <br /> <br /> Section $. That the Director of Finance is hereby authorized <br />and directed te enter into an agreement with each ef said depositories <br />in accordance with the previsions ef the Charter of the City ef Lakeweed, <br />the Revised Cede of Ohio and this ordinance. <br /> <br /> Section 5. This ordinance is hereby declared to be ~u emer- <br />gency measure for the reaoons stated in the preamble hereof and, pro- <br />vided it receives the affirmative vote of two-thirds (2/3) of all <br />members elected to Commoil, it shall take effect and be in force im- <br />mediately upon its adoption amd approval by the Mayer. <br /> <br />Adopted: June 22. 1959 <br /> <br />Thomas C,. Ward <br /> President <br /> <br />Approved~ <br /> <br />June 23, 1959 <br /> <br />H. A. Roes <br /> <br />Clerk <br /> <br />Frank P. Celeste <br /> Mayer ....... <br /> <br /> <br />