3935 - 59 Withdrawl & substitute of securities

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RESOLUTION NO. 3935 BY: Nessrs. Yard, Fahrenbach, Fairgrieve, Gaydos, Gettermeyer, Lawther. AN EMERGENCY RESOL~TION amtherizing withdrawal of secmritiesen deposit with, and the smbstitmtion ef other securities with The Federal Reserve Bank ef Cleveland as Trmstee for safekeeping. $~tEREAS, to secmre, the deposit of f~mds ef the City of Lakeweed in The Cleveland Trmst Company, Central Natmenal Bank of Cleveland, Union Commerce Bank, The National City Bank of Cleveland and Society National Bs~k of Cleveland, mnder depository designation terminating, pmrsuant te Revised Cede section 135.11, en Jmme 30, 1961, certain sb- ligations of the United States of America have heretofore been deposited and are new em deposit with the Federal Reserve Ba~k ef Clevetamd for safekeeping, and WHEREAS, said banks have requested this subdivision te authorize said Federal Reserve Bamk ef Cleveland te permit substitutiem ef securi- ties in smch safekeeping account and this subdivision has determined that such authorization is feasible ~d proper en the terms hereinafter set forth, and WHEREAS, this resolmtion constitutes an emergency in that said public depositerie? have d~s~gnated The Federal Reserve Bank ef Cleveland as Trustee amd desmre provis~ens made for the exchange and release ef securities and the substitution ef ether securities, all as previded the Uniform Depository Act ef the State ef Ohio, and in that it provides for the usual daily opera, ion of a mmmi¢ipal department, now, therefore, BE IT RESOLVED BY THE ¢GUN¢IL OF THE CITY GF LAKE~OD, STATE ~F OHI~: Section 1. That The Federal Reserve Bank of Cleveland be amd it is hereby authorized at any time during the period ending J~e 30, 1961, te permit The Cleveland Trmst Company, Central National Bank ef Cleveland, Union Commerce Bank, The National City Bank of Cleveland and Society National Bank of Cleveland te withdraw any obligations ef the United States of America now er hereafter during the aforesaid period on deposit with The Federal Reserve Bank ef Cleveland for safe- keeping for the accemmt ef said banks amd this smbdivision, provided that said banks shall at the same time deposit in such safekeeping acceumt with The Federal Reserve Bank of Cleveland in substitution for the obligations se withdrawn, other obligations of theUnited States of America ef an aggregate market value net less~bhan the obligations se withdrawn. Market value shall be that prevailing in the New York market at the close en the business day next preceding the day upon which substitution is effected. Section 2. That the Director of Finance as Treasurer of the City of Lakewoed is hereby directed te certify a copy of this resolution te The Federal Reserve Bank ef Cleveland and te The Cleveland Trust~ Company, Central National Bank of Cleveland, ~nien Commerce Bank, The National City Bank ef Cleveland and Society National Bank ef Cleveland. Section 3. This resolution is hereby declared te be a~ emer- gency measure for the reasons stated in the preamble hereof and, pre- vided it receives the affirmative vote of twe-thir~s of all members elected to Council, it shall take effect and be mn force immediately upon its adoption and approval by ~he Mayer. Adopted: J~me 22, 1959 Thomas ¢. Ward Presiden~ Approved: j-ene 2~, 1~59 H. A. Roes Clerk Frank P. Celeste -. ~a,yor