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Section 2. That the probable amount of active public monies to be so deposited <br />in the public depositories named in Section 1 at the beginning of period of <br />designation is estimated at $100,000, and the probable maximum amount subject <br />to the deposit therein at any time during said period is estimated at $5,000,000. <br />Security for both active and interim deposits shall be required in accordance <br />with statutory provisions. Interest on interim deposits is to be paid quarterly <br />and at maturity and computed from the date of deposit. <br /> <br />Section 3. The Director of Finance shall transmit a copy of this ordinance to- <br />gether with an agreement to said depositories for their acceptance and upon <br />receipt thereof they shall be deemed to be the duly designated depositories for <br />two years beinning July 1, 1979. <br /> <br />Section 4. That the Director of Finance is hereby authorized-and directed to enter <br />into an agreement with each of said depositories in accordance with the provisions <br />of the Charter of the City of Lakewood, and Revised Code of Ohio and this ordinance. <br /> <br />Section 5. This ordinance is hereby declared to be an emergency measure for the <br />reasons stated in the preamble hereof and provided it receives the affirmative vote <br />of two-thirds (2/3) of all members elected to Council, it shall take effect and <br />be in force immediately upon its adoption and approval by the Mayor. <br /> <br />Adopted:~~ /~,/¢}~ <br /> <br />Approved: <br /> <br />Clerk <br /> <br /> <br />