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RESOLUTION NO~ 4833 <br /> <br />BY: Messrs. Kelley, Ushe~ Ward, <br /> Wendling, Gaydos, Graber, Huffman <br /> <br />A RESOLUTION estimating an amount of interim and active moneys, <br />and fixing a date of the meeting to designate depositoriea. <br /> <br />WHEREAS, Article III, Section 16 of the Charter of the City of <br />Lakewood governs the deposit of public funds in financial <br />institutions; now, therefore, <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF <br />OHIO: <br /> <br />Section 1o That active and interim moneys of the City of Lakewood <br />shall be deposited in a bank or banks as provided by law. <br /> <br />Section 2. That because the revenues and funds expenditures of <br />the City are received and expended in relatively level mmounts <br />throughout the year Council hereby determines that no monies will <br />be available for deposit as inactive funds. <br /> <br />Section 3. That the bank or banks in Cuyahoga County offering <br />the highest rate of interest per'annum on interim deposits be <br />made depository or depositories of such funds of the City of <br />Lakewood for a period of two years beginning July 1, 1971. In- <br />terest on interim deposits is to be paid quarterly and at matur- <br />ity and computed from the date of deposit. The Council hereby es- <br />timates that the maximum amount of public moneys to be so deposited <br />in the interim deposits will be in the amount of five million dollars. <br /> <br />Section 4. The Council hereby estimates that the probable amount <br />of public moneys to be so deposited in the active deposit, during <br />the period aforesaid, will vary between one hundred thousand dollars <br />and five million dollars. <br /> <br />Section 5. That security for both active and interim deposits shall <br />be required. <br /> <br />Section 6. That the Council of the City of Lakewood shall consider <br />applications for interim and active deposits,anticipating designating <br />such depositories by ordinance at the regular meeting to be held <br />June 21, 1971 at 7:30 p.m., or as soon thereafter as may conveniently <br />do so. <br /> <br />Section 7. That this resolution shall take effect and be in force <br />from and after its adoption at the earliest period allowed by law. <br /> <br />Adopted: <br /> <br />Approved: :~ ~/~7/ <br /> <br />Clerk~/ <br /> <br /> <br />