52-79 designate & award public funds to depositories

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ORDINANCE NO. 52-79 BY: Wendling, Brockman, Brown, McBride, McNally, Salmon 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 arising 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 funds of the City of Lakewood, the following applications were received. FOR ACTIVE DEPOSITS Rate of Interest Central National Bank Cleveland Trust Company National City Bank Society National Bank Union Commerce Bank None None None None None FOR INTERIM DEPOSITS Maturities Rate Central National Bank $100,000 and over Under $100,000 - non withdrawable 30-59 60-89 90-119 120-149 150-179 180-269 270-364 1 year 30-59 60-364 1 year 9 3/5% 9 3/4% 9 7/8% 9 7/8% 10% lO 1/8% 9 9/10% 9 7/8% 5% 5 1/2% 6~ Cleveland Trust Company $100 and over 30-59 60 -89 90-159 150-179 180-269 270-360 9.625% 9.875% 10.00% 10.25% 10.50% 10.00% Under $100,000 - non withdrawable 30-89 90-364 1 year 5% 5.5% 6% National City Bank $100,000 and over 30-59 60-89 90-149 150-179 180-269. 270 days but less than 1 yr. 9.625% 9.750% 9.9% 10% 10.125 10%