4573 - 67 Est amt of active & inactive monies

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RESOLUTION NO. ~573 BY:Messrs. Huffman, Kelley, Usher Ward, %~endling, Cain, Gaydos A RESOLUTION estimating an amount of inactive and active moneys, and fixing a date of the meeting to designate depositories, WHEREAS, Article III, Section 16 of the Charter of the City of Lekewood, governs the deposit of public funds in financial instit~ ttons; 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 deposits be made a depository or depositories of such funds of the City of Lakewood for a period of two years beginning July 1, 1967. 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 ~neys 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 amoun~ of public moneys to be so deposited in the active deposit, during the period aforesaid, will vary betweee onehundredthousand dollars and five million dollars. Section 4. That bids will be received until 11:00 o'clock a.m., June 14, 1967, and that notice to all banks in the city, and such other hanks as may be necessary, be given by publication as provided by law. The city reserves the right to reject anM and all bids. Section 5. That security for both active and inactive deposits shall be required. Section 6. Eligible institutions desiring to be a public depository for active deposits and inactive deposits, of the city, are hereby requested to make application to the council within the time specified in Section 4, above, and to indicate the rate of interest which the applicant will pay on active deposits and inactive deposits. Section ?. That the council of the City of Lakewood shall meet at its regular meeting place on June 19, 1967, 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 he in force from and after its adoption at the earliest period allowed by law. Adopted: May 15, 1967 Charles. S- Huffman, Jr. '" ' President Approved: ~a~ l~, 1967 Grace Re.wnolds Clerk Robert M. Lawther ~ayor