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RESOLUTION NO. <br /> <br />Wend lr ,, <br /> <br /> AN EMERGENCY RESOLUTION authorizing substitution of se- <br />curities in safekeeping account. <br /> <br /> WHEREAS, to secure the deposit of funds of the City of <br />Lakewood, Ohio, in The Central National Bank of Cleveland~ The <br />Cleveland Trust Company, The National City Bank of Cleveland, <br />Society National Bank of Cleveland, and The Union Commerce Bank, <br />under depository designation terminating, pursuant to Section <br />135.11 of the Ohio Revised Code on June 30, 1965, certain obliga- <br />tions of the United States of America have heretofore been de- <br />posited and are now on deposit with the Federal Reserve Bank of <br />Cleveland for safekeeping; and <br /> <br /> WHEREAS, said banks have requested this subdivision to <br />authorize said Federal Reserve Bank of Cleveland to permit sub- <br />stitution of securities in such safekeeping account and this <br />subdivision has determined that such authorization is feasible <br />and proper on the terms hereinafter set forth, <br /> <br /> WHEREAS, This resolution constitutes an emergency in that <br />said public depositories have designated The Federal Reserve Bank <br />of Cleveland as Trustee and desire provisions made for the ex- <br />change and release of securities and the substitution of other <br />securities, all as provided by the Uniform Depository Act of the <br />State of Ohio, and in that it provides for the usual daily opera- <br />tion of a municipal department~ now, therefore, <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF I~KEW00D, <br />STATE OF 0HI0: <br /> <br /> Section 1. That the Federal Reserve Bank of Cleveland <br />be and it is hereby authorized at any time during the period <br />ending June 30~ 1965, to permit The Central National Bank of <br />Cleveland, The Cleveland Trust Company~ The National City Bank of <br />Cleveland, Society National Bank of Cleveland and The Union <br />Commerce Bank, to withdraw any obligations of the United States <br />of America now or hereafter during the aforesaid period on de- <br />posit with the Federal Reserve Bank of Cleveland for safekeeping <br />for the account of said bank and this subdivision, provided <br />that said bank shall at the same time deposit in such safekeeping <br />account with the Federal Reserve Bank of Cleveland in substitu- <br />tion for the obligations so withdrawn other obligations of the <br />United States of America of a principal amount not lees than the <br />obligations so withdrawn. <br /> <br /> Section 2. The Director of Finance, as Treasurer, is <br />hereby authorized to certify a copy of this resolution to the <br />Federal Reserve Bank of Cleveland, and to The Central National <br />Bank of Cleveland~ The Cleveland Trust Company, The National <br />City Bank of Cleveland~ Society National Bank of Cleveland, and <br />The Union Comraerce Bank. <br /> <br /> Section 3. This resolution is hereby declared to be an <br />emergency measure for the reasons stated in the preamble hereof, <br />and provided it receives the affirmative vote of two-thirds of <br />all members elected to Council, it shall take effect and be in <br />force immediately upon its adoption and approval by the Mayor. <br /> <br />Adopted: <br /> <br />President <br /> <br />Approved: ~ ~ <br /> <br /> Mayor <br /> <br /> <br />