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RESOLUTION NO. 3491 BY Mr. Viokery <br /> <br /> AN EMERGENCY RESOLUTION authoriz~n~ withdrawal of securities on deposit <br />with~ and the substitution of other securities with~ The Federal Reserve Bank of <br />Cleveland as Trustee for safekeepinge <br /> <br /> ~-A~t~EA.~ to secure the deposit of funds of the City of Lakewood in The <br />Cleveland Trust Company, Oentral National Bank of Cleveland, The Union Bank of <br />Commerce Oompany and The National City Bank of Cleveland, under depository <br />designation terminating, pursuant to General Code Section 2296-11, on June 30, <br />1923, certain obligations of the United States of America have heretofore been <br />deposited and are now on deposit with the Federal Reserve Bank of Cleveland for <br />safekeeping, and <br /> <br /> ]~EREAS~ said banks have requested this subdivision to authorize said <br />Federal Reservs Bank of Cleveland to permit substitution of securities in such <br />safekeeping account and this subdivision has deter~r~d that such authorization <br />is feasible and proper on the terms hereinafter set fc~th~ and <br /> <br /> · HE~, this resolution constitutes an e~ergency in that said public de- <br />positories have designated The Federal Reserve Bank of Cleveland as Trustee and <br />desire provisions made for the excba~Ee and release of securities and the sub- <br />stitution of other securities, all as provided bytheUnlformDepositcryAct of <br />the State of Ohio, and in that it provides for the usual daily operation of a <br />munieipal depart~ent, now, therefore, <br /> <br />E~ IT RESOLVED BY Tm COUNCIL OF THE CITY OF LAKEW00~, STATE OF OHIO, <br /> <br /> Section 1~ That The Federal Reserve Bank of Cleveland be and it is hereby <br />authorized at ar~ time during the period ending June 30, 19%3, to permit The <br />Cleveland Trust Company~ Central National Bank of Cleveland, The Union Bank of <br />Commerce Company and The National City Bank of Cleveland~ to withdraw any obliga- <br />tions of the United States of America now or hereafter during the aforesaid period <br />on deposit with The Federal ReserVe Bank of Cleveland for safekeeping for the ac- <br />count of said banks and this subdivision, provided that said banks shall at the <br />same time deposit in such safekeeping account with the Federal Reserve Bank of <br />Cleveland in substitution for the obligations so withdrawn, other obligations of <br />the United States of America of an aggregate market value not less than the obli- <br />gations so withdrawn, Market value shall he that prevailing in the New York <br />market at the close on the Business day next preceding the day u~on which substi- <br />tution is effectede <br /> <br /> Section 2o That the Director of Finance as Treasurer of the City of <br />Lakewood is hereby directed to certify a copy of this resolution to The Federal <br />Reserve Bank of Oleveland andtoThe Cleveland Trust Company~ Central National <br />Bank of Cleveland~ The Union Bank of Commerce Compar~ and The National City Bank <br />of Clevelande <br /> <br /> Section 3e This resolution is hereby declared to bs an emergency measure <br />for the reasons stated in the preamble hereof and, provided it receives the affirm- <br />ative vote of two-thirds of all membsrs elected to Council, it shall take effect <br />andbe in force immediately uponits adeption and approval bytheMayore <br /> <br />Adopted: <br /> <br />Approved: <br /> <br />June 19, 19%1 <br /> <br /> Wm. R. Fa~grieve <br />.... President of Council <br /> <br /> He Ae Rses <br />........ C~erk o£ Oouncil '' <br /> <br />A. I. Kauffman <br /> Mayor <br /> <br /> <br />