28-77 Designate public funds to public depositories

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ORDINANCE NO. 28-77 BY: Messrs. Brockman, Magnotto, McBride, Salmon, Sinagra, Usher AN EMERGENCY ORDINANCE designating and awarding public funds to public depositories. WHEREAS, an emergency exists to provide for the usual daily operation of a municipal department ar~s~.ng from the necessity~for providing depositories for public funds without delay; and, WHEREAS, pursuant to Resolution No. 5225 adopted May 16', 1977 providing .for the application by banks desiring to become depositories for public fu~.4s of the City of Lakewood, the following applications were received. FOR ACTIVE DEPOSITS Central National Bank Cleveland Trust CompanI~_ National City Bank Society National Bank Union Commerce Bank Rate of Interest None None None None None FOR INTERIM DEPOSITS Broadview Savings and Loan Company $100,000 and over Central National Bank $100,000 and over Maturities 30-~) 60-89 90-179 · 180-365 · 30-59 60-89 90-179 180-269 270-359 l~year Rate 5% 5-1/4% 5-1/2% 5-3/4% 5-1/8% 5-1/4% 5-3/8% 5-3/4% 5-7/8% 6% Under $100,O00-non withdrawable 30-364 365 days 4-1/2% 5% Cleveland Trust Company $100,000 an~~ over Under $100,000-non withdrawable 30-59 60-119 120-179 180-269 270-359 360 days 30-89 90-364 365 days 5.25% 5.375% 5.50% 5.75% 5.875% 6% 5% 5.375% .6% National City Bank $100,~'~00 and over Under $100,000-non withdrawable 30-59 60-89 90-179 180-269 270-359 360 days 30-89 90-364 1 yr. to 2½ yrs. 5.250% 5.350% 5.400% 5.750% 5.875% 6.000% 5% 5-1/2% 6%