64-81 designate & award public funds to public depositories

Home Browse Search

ORDIN^NCE N0.64-81 BY: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE designating and awarding public funds to public deposi tores. WHEREAS, an emergency exists to provide for the usual daily operation of a municipal department arising from the necessity for providing depositories for public funds without delay; and, WHEREAS, Council pursuant to Resolution No. 55-81adopted June 15, 1981 provided for the application by banks desiring to become depositories for public funds of the City of Lakewood; and WHEREAS, the Finance Director has recommended we accept the applications received; now, therefore BE IT ORDAINED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the deposit of the monies of the City of Lakewood be awarded as follows: ACTIVE DEPOSITS AmeriTrust Company Central National Bank of Cleveland National City Bank Society National Bank of Cleveland Union Commerce Bank INTERIM DEPOSITS Ameritrust Company- Broadview Savings & Loan Cardinal Federal Savings & Loan Central National Bank Continental Federal Savings & Loan First Federal Savings & Loan of Lakewood National City Bank Society National Bank Union Commerce Bank and the Director of Finance is hereby authorized and directed to deposit all monies coming intO his possession as Director of Finance in the banks named in this section from time to time during the period of two (2) years in accord with the provisions of the application submitted. Section 2. The Director of Finance shall transmit a copy of this ordinance together with a completed agreement to said depositors for their acceptance and upon receipt thereof they shall be deemed to be the duly designated depository for the City of Lakewood. Section 3. That the Director of Finance is hereby authorized and directed to enter into an agreement with each of said depositores in accordance with the provisions of the Charter of the City of Lakewood, and the Ohio Revised Code and this ordinance. Section 4. It is found and determined that all formal actions of Council concerning and relating to the adoption of this ordinance were adopted in an open meeting of this Council and that all deliberations of this Council and any of its committees that resulted in such formal action, were in meetings open to the public in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code.