66-83 Awarding pulic funds to public depositories

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ORDINANCE NO, 66-83 BY: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE designating and awarding public funds both Active and Interim to public depositories. WHEREAS, an emergency exists to provide for the usual daily operation of a municipal department arising from the necessity for providing depos- itories for public funds without delay; 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 Huntington National Bank National City Bank Society National Bank of Cleveland INTERIM~DEPOSITS AmeriTrust Company Central National Bank of Cleveland Huntington National Bank National City Bank Society National Bank of Cleveland 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 ordin- ance 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 direct- ed to enter into an agreement with each of said depositories in accord- ance 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 require- ments including Section 121.22 of the Ohio Revised Code. Section 5. This ordinance is hereby declared to be an emergency measure for the reasons stated in the preamble hereof and provided it receives the affirmative vote of two thirds of all members elected to Council, it shall take effect and be in force immediately upon its adoption and approval by the Mayor. Fresldent