52-71 Designate & award public funds to public depositories

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O~l NANCF, NO. 52-71 Messrs. graber, Huffman, Kelley, ~Usher, W~d, Wenflling AN EMERGENCY ORDINANCE designating and awardlng public funds to public depositories. WHEREAS, an emergencY exists to provide for the usual dally operation of a municipal department arising from the necessity for providing depositories for public funds without delay; and, WHEREAS, pursuant to Resolution No.4533 adopted June 7, 1971 providing for the application by banks desiring to become depositories for public funds of the City of Lakewood, the following applications were received. .FOR ACTIVE DEPOSITS Capital National Bank Central National Bank Cleveland Trust Company Continental Bank- National City Bank Society National Bank Union Commerce Bank RATE OF INTEREST None None None None None None None .FO,R INTERIM DEPOSITS 30-59 '60-89 90-179 ,,180 ,1 year + Capital National Bank Central National Bank Under.100,000 non-withdrswable Cleveland Trust Company Under 100,000 non-withdrawable Continental Bank Under 100,000 non-withdrawable National City Bank Under 100,000 non-withdrawable Society National Bank 30 day notice 90 day notice Under 100,000 non-withdrawable Union Commerce Bank 30 day notice 90 day notice 5-1/8 5-1/2 5-1/4 5 5-1/4 4 5-1/4 5 5 4-1/2 5 5 5-1/4/8 5 5-1/4 5-1/4 5-1/2 5-3/4 5-1/8 5-1/4 5-1/2 5-1/2 5-1/2 5-1/2 5-1/2 5-1/2 5-3/8 5-1/2 5-5/8 5 5 5 5 (180/270) (270.+) 5-3/8 5-1/2 5-5/8 5-3/4 4 " 4.1/2 4-1/2 5-3/8 5-1/2 5-5/8 5-:3/4 5 '5 5 5-1/2 5-1/8 5'1/4 5-3/8 5-~/2 4-1/2 4-1/2 4-1/2 4-1/2 5 5 5 5 5 5 5 5 5-1/4/8 5-3/8/ 5-112/7 5-1/2/7-1/2 e-3/4 4 4 4 4 5 5 5 5 The foregoing are sub:]ect to Federal Reserve RegulatLon Q where applicable, and further, to prevailing interest rates aC the time of such Interim deposits.