57-65 Public funds to public depositories

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funds ORDINANCE 57-65 BY: Messrs. Wendling, Bennett, Gain, Gaydos, Huffman, Usher, Ward. AN EMERGENCY ORDINANCE designating and .awarding public to public depositories. WHEREAS,An emergenc~ exists to provide for the usual daily operation of a municipal department arising from the ne- cessity for providing depositories for public funds without delay; and, WHEREAS, Pursuant to Resolution No. 4423 adopted May 17, 1965, providing for the application by banks desiring to become depositories for public funds of the City of Lakewood, the follow- ing applications were received: FOR ACTIVE DEPOSITS RATE OF INTEREST Central National Bank of Cleveland None The Cleveland Trust Company None The National City Bank of cleveland None Society National Bank of Cleveland None The Union Commerce Bank None Capital National Bank None FOR INACTIVE DEPOSITS Union Commerce Bank 1 year 4.500~ 90 days 4°500% 30 days 4.000% The cleveland Trust Company 1 year 4.250% 90 days 4°250% 30 days 4.000% Central National Bank of Cleveland 1 year 4°250% 90 days 4°250% 30 days 4°000% The National City Bank of cleveland 1 year 4.250% 90 days 4°250% 30 days 4.000% Society National Bank of Cleveland 1 year 4.250% 90 days 4.250% 30 days 4.000% Capital National Bank~ ( $2,.090,000.00 only) 1 year· 4..355% NOW'THeREfORe,, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1o That the deposit of monies of the City of Lakewood be awarded as follows: Active deposits to: Central National Bank of Cleveland The Cleveland Trust Company The National City Bank of Cleveland Society National Bank of Cleveland Union Commerce Bank Inactive deposits to: The Union Commerce Bank