Laserfiche WebLink
-3- <br /> <br />Section 2. That the probable amount of active public monies "o be so <br />deposited in the public depositories named in Section 1 at the beginning ' <br />of period of designation is estimated at $100,000.00, and the probable. <br />maximum amount subject to the deposit therein at any time du~ing said <br />period is estimated at $5,000,000.00. Security for both active and <br />interim deposits shall be required in accordance with statutory provisions. <br />Interest on interim deposits is to be paid quarteCly and at maturity and <br />computed from the date of deposit. <br /> <br />Section 3. The Director of Finance shall transmit a copy of this ordinance <br />~together with an agreement to said depositories for their acceptance and <br />upo~ receipt thereof they shall be deemed to be the duly designated <br />depositories for two years beginning July 1, 1977. <br /> <br />Section 4. That the Director of Finance is hereby authorized and <br />directed to enter i~to an agreement wit' ~'~ach of said depositories in. <br />accordance with the provisions of the C~i~.~ter of the City of Lakewood, <br />and Revised Code of Ohio and this ordinance. <br /> <br />Section 5. This ordinance is hereby declared to be an emergency measure <br />for the reasons sta~ed in the preamble hereof and provided it receives <br />the affirmative vote of two-thirds (2/3) of all members elected to <br />Council, it shall take effect and be in force in~ediat] ly upon its <br />adoption and approval by the Mayor. <br /> <br />Adopte~: ~ ~z/f~7 <br /> <br />Approved~ Z / ~ ~/7 <br /> <br />Mayor <br /> <br /> <br />