3408 - 49 No public funds for deposit

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I } r RESOLUTION N0. 3408 BY - Mr. Fahrenbach I A RESOLUTION (a) determ~n~ng that there will be no public Yunds subject to its control to be awarded and be on deposit as inactive deposits in public depositories and (b) estimating the probable amount of public moneys to be deposited in active deposits in such depositories. 1Wf~R AS, General Code of Ohio, Sections 2296-1 to 2296-25s ittclnsive, Down as the UNIFORM DEPOSITORY ACT is an act to provide a uniform lava govern-• iag the deposit of public funds in financial institutions and repealing the eaisting provisions of the General Code relating to the deposit of public funds; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEiY00D, STATE OF OHIO: r'~, Section 1e Iaaetive Deposits. This Council hereby determines that there will be no public funds subject to its control to be awarded and be on deposit as inactive deposits in public depositories during the period of two years beginning July 1, 1949. Section 2. Active deposits. Each eligible institution desiring to be a public depository of the active deposits of the public moneys of the City shall, in accordance with the provisions of the UNIFORM DEPOSITORY ACT, make application therefor, in writing, to the Council oY the City of Lakewood. If desired, such application may specify the maximum amount of such public moneys which the applicant desires to receive and have on deposit at any one time during the period covered by the designation. Each application shall be accompanied by a financial statement of the applicant ender oath of its cashier, treasurer or other officer as of the date of the report to the superintendent of banks or comptroller oY the currency, ae the case may be, last preceding the date of the application, in such detail as to show the capital funds of the applicant as defined in the UNIFORM DEPOSITORY ACT, ad3usted to show any changes therein prior to the date oY the application. ~ The Council hereby estimates that the probable amount oY the public ' moneys to be so deposited in the active deposits in and among the eligible public depositories applying therefor will ba Three Million Dollars ($3000,000,00) at the beginning of the period of designation and the Council hereby estimates that the probable maximum amount of public moneys to be so deposited in active deposits at any time during the period oY two years beginning July 1, 1949 will be Three Million Dollars 03,000,000.00). Section 3. That this Council shall hold a meeting in the Council Chamber Yor the designation of depositories for public funds under its control at 8:00 o~clook P. M., June 20, 1949. Section 4. Security for such active deposits shall be required in accordance with the provisions of the UNIFORM DEPOSITO&Y ACT. Section 5. E13.gible institutions desiring to be a public depository of active deposits of the city are hereby requested. to make application to the _ Council in the form, manner and within the time specified in said act Yor such deposits and indicate the rate oY interest which the applicant will pay on the active deposits, together with such other information as is required by the UNIFORM DEPOSITORY ACT. Section 6. This resolution shall be in Yull force and effect upon its adoption and ~proval by the Mayor and at the earliest period allowed by law. Adopted: APr• 4-1949 Wm. R. Fairgrieve Presi ent of unc' H. A. Rees i Approved: Apr. 5-1949 er o ounci I ~ A. I. Kauffman Mayor I ~..a._.,f._._