5077 - 75 est amt of money & fix date to designate depositories

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RESOLUTION NO. 5077 BY Messrs. Brocknmn, Chinnock~ Graber, Magnotto, McBride, $inagra, Usher A RESOLUTION estimating an amount of interim and active moneys, and fixing a date of the meeting to designate depositories. WHEREAS, Article III, Section 16 of the Chartec of the City of Lakewood governs the deposit of public funds in financial institution~; now, therefore, BE IT RESOLVED BY %HE COUNCIL OF THE CIT% OF LAKEW00D, STATE OF 0HI0: Section 1. That active and interim moneys of the City of Lakewood shall be deposited in a bank or banks as provided by law. Section 2. That because the revenues and funds expenditures of the City are received and expended in relatively level amounts throughout the year Council hereby determin&s that no monies will be available for deposit as inactive funds. Section 3. That the bank or banks in Cuyahoga County offering the highest rate of interest per annum on interim deposits be made depository or depositories of such funds of the City of Lakawood for a period of two years beginning July is 1975. Interest on interim deposits is to be paid quarterly and at maturity and computed from the date of deposit. The Council hereby estimates that the maximum amount of public moneys to be so deposited in the interim deposits will be in thg amount of five million dollars. Section 4. 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 one hundred thousand dollars and five million dollars. Section 5. That security for both active and interim deposits shall be required. Section 6. That the Council of the City of Lakewood shall c~nsider applica- tions for interim and active deposits, anticipating designating such de- positories by ordinance at the regular meeting to be held July 7~ 1975 at 7:30 p.m., or as soon thereafter as m~y conveniently do so. Section 7. That this resolution shall take effect and be in force from and after its adoption at the earliest period by law.