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Placed on FIRST RF. AD~NG & Referred to <br /> FINANCE COMMITTF. F. on 6-7-93. <br /> <br />ORDINANCE NO. <br /> <br />34-93 <br /> <br /> BY: Boscia, Galalgher, George, <br />Gibbons, Roth, Seelie, Smith <br /> <br /> AN EMERGENCY ORDINANCE authorizing and directing the Mayor and <br />Finance Director to enter into an investment agreement with the <br />County of Cuyahoga, Ohio, by which the County, acting by and <br />through the County Treasurer, will, in accordance with the terms <br />and conditions thereof, exercise certain powers and perform certain <br />functions relating to the investment of public monies on behalf of <br />the City of Lakewood. <br /> <br /> WHEREAS, Section 129.101 of the Lakewood Codified Ordinances, <br />as amended, designates the Cuyahoga County's Secured Assets Fund <br />Earnings Program (The S.A.F.E. Program) as eligible for the <br />investment of public monies of the City, and <br /> <br /> WHEREAS, the S.A.F.E. program's investment pool has recently <br />earned above market interest rates as a result of trading profits <br />from the buying and selling of United States government securities, <br />and <br /> <br /> WHEREAS, City Council has been fully informed that the <br />S.A.F.E. program is an investment pool in which the City's money <br />will be commingled with the money of Cuyahoga County and other <br />participating municipalities, the City will not have title or <br />actually own any United States government securities, there is some <br />risk involved, and the City's funds will not be insured by an <br />agency of the United States government or the State of Ohio, and <br /> <br /> WHEREAS, Council has determined that the potential increased <br />return on the city,s investments outweighs the risk, and <br /> <br /> WHEREAS, this ordinance provides for the usual daily operation <br />of a municipal department for the reason that the Finance Director <br />needs prompt authorization to take advantage of a new ninety day <br />fixed rate program expected to be authorized by S.A.F.E. in the <br />next several weeks; now therefore <br /> <br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: <br /> <br /> Section 1. That the Mayor and Finance Director are authorized <br />and directed by Council to enter into an agreement between the <br />County of Cuyahoga, Ohio, and the city of Lakewood by which the <br />County, acting by and through the County Treasurer, will, in <br />accordance with the terms and conditions thereof, exercise certain <br />powers and perform certain functions relating to the investment of <br />public monies on behalf of the City of Lakewood, the form of the <br />.agreement, being as set forth in Exhibit "A" with such other terms <br />and conditions as required by the Law Director for the public <br />interest. <br /> <br /> Section 2. That the Mayor and Directors of Law and Finance <br />are authorized and directed by Council to sign all necessary <br />documents for the implementation of the agreement and the <br />investment of City monies in the Secured Assets Fund Earnings <br />Program (the S.A.F.E. Program). <br /> <br /> Section 6. It is found and determined that all formal actions <br />of this Council concerning and relating to the passage of this <br />ordinance were adopted in an open meeting of this Council, and that <br />all such deliberations of this Council and of .any of its committees <br />that resulted in such formal action were in meetings open to the <br /> <br /> <br />