4423 - 65 Est amt of inactive & active monies

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A resolution estimating an amount Of inactive and active moneys, and fixing a date of the meeting to designate depositories. WHEREAS, Revised Cods Sections 135.01 to 135.23, both inclusive, and Article III, Section 16 of the Charter of the City of Lakewood, govern the deposits of pmblic funds in financial institutions; now~ therefore, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That active and inactive moneys of the City of Lakewood shall be deposited in a bank or banks as provided by law. Section 2. That the bank or banks in Cuyahoga County offering the highest rate of interest per annum, on inactive de- posits be made a depository or depositories of such funds of the City of Lakewood for a period of two years beginning July 1, 1965. Interest on inactive deposits is to be paid quarterly and computed from the date of deposit. The council hereby estimates that the maximum amount of public moneys to be so deposited in the inactive deposit will be in the amount of five million dollars. Section 3. The council hereby estimates that the probable amount of public moneys to be so deposited in the active deposit, during the period aforesaid, will vary between five hundred thousand dollars and five million dollars. Section 4. That bids will be received until 7:30 o'clock p.m., June 21, 1965, and that notice to all banks in the city, and such other banks as may be necessary, be given by publication as provided by law. The city reserves the right to reject any' and all bids. Section 5. That security for both active and inactive deposits shall be required in accordance with statutory provisions, Section 6. Eligible institutions desiring to be a public depository for active deposits and inactive deposits, of the city, are hereby requssted to make application to the council in the form, manner and within the time specified by the statutes relating to such deposits, and to indicate the rate of interest which the appli- cant will pay on active deposits and inactive deposits, together witt such other information as is required by statute. Section 7. That the council of the City of Lakewood shall meet at its regular meeting place on June 21, 1965, at 7:30 o'clock p.m., or as soon thereafter as it may conveniently do so, for the designation of depositories for public funds under its control. Section 8. That this resolution shall take effect and be in force from and after its adoption at the earliest period allowed by law. Adopted: President Clerk Approved: Mayor