44-85 Authorize deposite & investment of funds

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SUBSTITUTf"RDINANCE FOR ORDINANCE 44-85, PLACED ON,icKST READING JUNE 17, 1985 AND ON SECOND READING JULY 1, 1985 ORDINANCE NO. 44-85 By: Brown ,Chinnock, Ga 11 agher, Graham, McBride, Salmon AN EMERGENCY ORDINANCE authorizing the deposit and investment of funds of thè City and establishing a procedure for selecting deposi- tories and making investments. WHEREAS, Sections 3 and 7 of Article XVIII of the Ohio Consti- tutiôn grants all powers of local self-government to municipal corpora- tions in Ohio, including the City of Lakewood (the "C-ity"); and WHEREAS, the people of the City have adopted a home-rule charter pursuant to Sections 7 and 8 of Articles XVIII of the Ohio Constitution (the "Charter1J); and WHEREAS, the preamble to the City's Charter provides that the Charter was established "in order that we may have the benefits of municipal home rule and exercise all the powers of local self-government"; and WHEREAS, Section 2 of Article I -of the Charter provides that all powers shall be exercised in the manner prescribed by the Charter or by ordinances of the Council; and WHEREAS, Ohio common law has consistently held that laws passed by the Ohio General Assembly may not restrict municipalities when they are exercising powers ;of local self-:government under a home-rule charter; and WHEREAS, the authorization for the deposit and investment of moneys of the City and the procedµres and methods for the selection of the City's depositories and the City's investment policies and proce- dures are powers of loc~l self~government that may properly be exercised by this Council under the Ohio Constitution and the City's Charter; and WHEREAS, the establishment of local policies and procedures for the deposit and investment of the City's moneys are hereby deter- mined to be in the best interests of the City and its citizens: (i) provided a more efficient management of the City's moneys and invest- ments; and (ii) enable the City to earn a greater yield on its invest- ments and to provide safeguards for the City's funds; and WHEREAS, this ordinance constitutes an emergency measure providing for the immediate preservation of the public peàce, health, safety and welfare since it is immediately. necessary to authorize and establi~h locar procedures for the deposit 'and investment of moneys in the City's treasury to enable the City to more efficiently manage such moneys and for the further reason that existing depository agreements are about to expire; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Lakewood, ,Cuyahoga County, Ohio: Section 1. New Sections 129.08 to 129.12 of the City's Codi- fied Ordinances be enacted to read as follows: