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- 2 - <br /> <br />and the Director of Finance is hereby authorized and directed to <br />deposit all monies coming into his possession as Director of <br />Finance in the b~nks named in this section for a period of two <br />(2)years, commencing July 1, 1965, in accordance with the <br />provisions of their appli~ation as above indicated. <br /> <br /> section 2. That the probable amount of active public <br />monies to be so deposited in the public depositories named in <br />Section 1 at the beginning of period of designation is estimated <br />at $500,000°00; and the probable maximum amount subject to the <br />deposit therein at any time during said period is estimated at <br />$5,000,000°00° That the probable amount of inactive public <br />monies to be deposited will be in the maximum amount of <br />$5,000,000.00. Security for both active and inactive deposits <br />shall be required An accordance with statutory provisions. <br /> <br /> section 3o The Director of Finance shall transmit a <br />copy of this ordinance together with an agreement to said <br />depositories for their acceptance and upon receipt thereof they <br />shall be deemed to be the duly designated depositories for two <br />years beginning July 1, 1965o <br /> <br /> Section 4° That the Director of Finance is hereby <br />authorized and directed to enter into an agreement with each of <br />said depositories in accordance with the provisions of the Charter <br />of the City of Lakewood, the Revised Code of Ohio and this ord- <br />inanc e. <br /> <br /> Section 5. This ordinance is hereby declared to be an <br />emergency measure for the reasons stated in the preamble hereof <br />and, provided it receives the affirmative vote of two-thirds <br />(2/3) of all members elected to Council, it shall take effect <br />and be in force immediately upon its adoption and approval by <br />the Mayor. <br /> <br />Adopted: <br /> <br />Approved: <br /> <br />June 21, 1965 <br /> <br />J~.ue 98~ 1965 <br /> <br />John Gaydos, <br />Nary Adams <br /> <br />President <br /> <br />Clerk <br /> <br />Robert M. Lawther <br />Mayor <br /> <br /> <br />