28-77 Designate public funds to public depositories

Home Browse Search

Society National Bank $100,000 and over Under $100,O00-non withdrawable -2- Maturities Rate 30-59 5-1/4% 60-89 5-1/2% 90-119 5-3/4% 120-149 5-3/4% 150-179 5-3/4% 180-269 6% 270-364 6-1/8% ~365 days and over 6-1/8% 30-59 5% 60-89 5% 90-119 5-3/8% 120-149 5-3/8% 150-179 5-3/8% 180-269 5-1/2% 270-364 5-1/2% 365 days and over5-1/2% Union Commerce Bank $100~O00'and over Under $100,O00-non withdrawable 30-59 5.27% 60-89 5.40% 90-119 5.45% 120-179 5.55% 180-269 5.80% 270-359 5.875% 360 days & over 6.00% Varying'rates as permitted under Federal Reserve Regulation "Q". The foregoing are subject to Federal Reserve Regulation Q where appliable, and further, to prevailing interest rates at the time of such Interim deposits. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. as follows: That the deposit of monie~ of the City of Lakewood be awarded Active deposits to: Central National Bank of Cleveland The Cleveland Trust Company The National City Bank Society National Bank of Cleveland Union Commerce Bank Interim deposits to: Broadview Savings and Loan Company Central National Bank of Cleveland Cleveland Trust Company National City Bank Society National Bank of Cleveland Union Commerce Bank and the Director of Finance is hereby authorized and directed to deposit all monies coming into his possession as Director of Finance in the banks named in this section from time to time during the period of two (2) years commencing July 1, 1977 in accordance with the provisions of this application as above indicated.