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ORDINANCE NO. <br /> <br />72-85 <br /> <br />BY: Brown, Chinnock, Gallagher, <br /> Graham, McBride, Salmon, Wendling <br /> <br /> AN EMERGENCY ORDINANCE authorizing the Director of Finance <br />to extend the depository agreements as authorized by Ordinance No. <br />47-85, adopted June 17, 1985, to December 31, 1985, a period of <br />ninety-two (92) days. <br /> WHEREAS, pursuant to Ordinance No. 47-85, adopted June 17, <br />1985, the Director of Finance is authorized and directed to deposit <br />public monies into certain said depositories to September 30, 1985, and <br /> WHEREAS, the City of Lakewood is currently preparing and <br />reviewing legislation establishing a procedure for selecting deposi- <br />tories and making investments, and it would be in the best interest <br />of the City to extend the current depository agreements until such <br />legislation is adopted; and <br /> WHEREAS, an emergency exists to provide for the usual daily <br /> operation of a municipal department arising from the necessity for <br /> providing depositories for public funds without delay; now therefore <br /> BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE <br /> OF OHIO: <br /> Section 1. That the Director of Finance is hereby authorized <br /> to extend the depository agreements as authorized by Ordinance No. <br /> 47-85, adopted June 17, 1985, to December 31, 1985, a period of <br /> ninety-two (92) days. <br /> Section 2. The Director of Finance shall transmit a copy of <br /> this ordinance to financial institutions with depository agreements <br /> currently in effect for their acceptance. <br /> Section 3. It is found and determined that all formal <br /> actions of Council concerning and relating to the adoption of this <br /> ordinance were adopted in an open meeting of this Council and that all <br /> deliberations of this Council and any of its committees that resulted <br /> in such formal actions, were in meetings open to the public in com- <br /> pliance with all legal requirements including Section 121.22 of the <br /> Ohio Revised Code. <br /> Section 4. This ordinance is hereby declared to be an <br /> emergency measure for the reasons stated in the preamble hereof and <br /> provided it receives the affirmative vote of two-thirds of all members <br /> elected to Council, it shall take effect and be in force immediately <br /> upon its adoption and approval by the Mayor. <br /> <br />DENT <br /> <br /> <br />