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-2- <br /> <br />NOW TllEREFORE, BE IT ORDAINED BY TIlE COUNCIL OF %~{E'CITY' OF LAKEWOOD, STATE <br />OF 0tli0: <br /> <br />Section 1. That the deposit of monies of the City of Lakewood be awarded as <br />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 />Interim deposits to: <br /> Capital National Bank ._ <br /> Central National Bank of Cleveland <br /> Cleveland Trust Company <br /> Continental Bank <br /> National City Bank of Cleveland <br /> Society National Bank of Cleveland <br /> 'Union Commerce Bank <br /> <br />and the Director of Finance is hereby authorized and directed to deposit all <br />monies coming into his possession as Director of Finance in the banks named <br />in this section from time to time during the period of two (2) years. <br />comanencing July 1, 197'1 in accordance with the provisions of their applica- <br />tion as above indicated. ' <br /> <br />Section 2. That the probable amount o,f active public monies to be so <br />deposited in the public depositories named in Section 1 at the beginning <br />of period of designation is eitimated at $100,000 00; and the probable <br />maximum amount subject to the' deposit therein at any time during said period <br />is estimated at $5,000,000.00. Security for both active and interim deposits <br />shall be required in accordance with statutory provisions. Interest on <br />interim deposits is to be paid quarterly and at maturity and computed from <br />the date of deposit. .. <br /> <br />Section 3. The Director of Finance shall transmit a copy of this ordinance <br />~ogether with an agreement to said depositories for their acceptance and <br />upon receipt thereof they shall be deemed to be the dUly'designated deposit- <br />ories for two years beginning July 1, 1971. <br /> <br />Section 4 . That the Director of Finance is hereby authorized and directed <br />to enter into an agreement with each of said depositories in accordance with <br />the provisions of the Charter of the City of Lakewood, and revised Code of <br />Ohio and this ordinance. . <br /> <br />Section 5. This ordinance is hereby declared to be an emergency measure <br />for the reasons stated in the preamble hereof and provided it receives <br />the affirmative vote of two-thirds (2/3)of all members elected to Council, <br />it shall take effect and be in force immediately upon its adoption and <br />approval by the. Mayor. <br /> <br />Approved: <br /> <br />M. yor <br /> <br /> <br />