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Section 1. That the d~po~tt o,~ n~o0~_e$ ?f the City of Lakewood <br />be awarded as follows: <br /> <br />Active deposits to: <br /> <br />Central National Bank of Cleveland <br />The Cleveland Trust Company <br />The National City Bank of Cleveland <br />Society National Bank of Cleveland <br />Union Commerce Bank <br /> <br />Inactive deoosits to: <br /> <br />Capital National Bank of Cleveland <br />Cleveland Trust Company <br />National City Bank of Cleveland <br /> <br />and the Director of Finance is hereby authorized and directed to <br />deposit all monies coming into his possession as Director of Finance <br />iu the banks named in this section for a period of two (2) years, <br />cormnencing Iuly 1, 1967 in accordance with the provisions of their <br />application as above indicated. <br /> <br /> Section 2. That the probable amount of active public monies to be <br />so deposited in the public depositorie~ aamed in Section lat the begin- <br />ning of petted of designation is estimated at $100,000.00; and the <br />probable maximum amount subject to the deposit therei,~ at any time <br />during said period is estin~ed at $5,000,000.00. Security for both <br />active and inactive deposits shall be required in accordance with <br />statutory provisions. <br /> <br /> Section 3. The Director of Finance shall transmit a copy of this <br />ordinance together with an agreement to said depositories for their <br />acceptance and upon receipt thereof they shall be deemed to be the duly <br />designated depositories for two years beginning July 1, 1967. <br /> <br /> Section 4. That the Director of Finance ~.s hereby authorized and <br />directed to enter into an agreement with each of said depositories in <br />accordance with nhe proviszons of the Charter of the City of Lakewood, <br />an,~ Revised Code of Ohio and this ordinance. <br /> <br /> Section 5~ This ordinance is hereby dec!ar~d to be an emergency <br />measure for the reasons stated in the preamble hereof and, provided it <br />receives the affirnative vote of nwo-thirds (2/3) of all members <br />elected to Council, it shall take effect and be in force immediately <br />upon its adoption and approval by the Mayor. <br /> <br />Adopted: June 19, 1967 <br />App~3oved: June ~9~ 1967 <br /> <br />Charles S. Huffman~ Jr. <br /> <br />President <br /> <br />G~a~c e ~.eyno lds <br /> Clerk <br /> <br />Mayor <br /> <br /> <br />