47-85 Extend depository agreements

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ORDINANCE NO. 47-85 BY: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE authorizing the Director of Finance to extend the depository agreements as authorized by Ordinance No. 66-83, adopted June 20, 1983, to September 30, 1985, a period of ninety-two (92) days. WHEREAS, pursuant to Ordinance No. 66-83, adopted June 20, 1983, the Director of Finance is authorized and directed to deposit public monies into certain said depositories to June 30, 1985, and WHEREAS, the City of Lakewood is currently preparing and reviewing legislation establishing a procedure for selecting depositories and making investments, and it would be in the best interests of the City to extend the current depository agreements until such legisla- tion is adopted; and 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; now therefore BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section I. That the Director of Finance is hereby authorized to extend the depository agreements as authorized by Ordinance No. 66-83, adopted June 20, 1983, to September 30, 1985, a period of ninety-two (92) days. Section 2. The Director of Finance shall transmit a copy of this ordinance to the depositors named in Ordinance No. 66-83 for their acceptance. Section 3. It is found and determined that all formal actions of Council concerning and relating to the adoption of this ordinance were adopted in an open meeting of this Council and that all delibera- tions of this Council and any of its committees that resulted in such formal action, were in meetings open to the public in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code. Section 4. This ordinance is hereby declared to be an emergency measure for the reasons stated in the preamble hereof and provided it receives the affirmative vote of two-thirds of all members elected to Council, it shall take effect and be in force immediately upon its adoption and approval by the mayor. ADOPTED: PRE Approved~~ /?/'?~)~ '"