3484 - 51 No public funds for deposit

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~soI~lo~ ~o. ~48~ ~ ar. War~ A RESOL~TIO~ (a) deterge-tag that there ~ill be no public funds subject to its control to be awarded and be on deposit as imm%iv, deposit~ in public deposi- tories and (b) asti~ting the probable amount ~f lmbl~ ~oneys to be deposited in active deposits in such depositories. ~AS, ~ral Code ~f Ohio, 8eetions 2296-1 to 22~6-2~, inclusive, known as the u~O~ DEPt~ITORY ACT is an act to pr,vide a uniform law governing the deposit of public fv_~s in fina~lal institutions a~d repealing the existing provisions of the General Code t~lating to the ~epoeit ef public fuadsj aow~ there- fore, Section X. Xnaetive De, celts. This Council hereby dsts~inee that there will be uc puB~_a_ funds subject $~ its control to be awarded and be on deposit as ~-active deposits in public depositories ~uring the period Of tw~ ye~rs beginning Sect&on ~, Active deposi%e. Each eligible tm~titution dehiring to be a public depository ef the active deposits of the publ/~ ~onsys of the .~ity shall~ accordance with the provisions of the UNIFOP~ DEPOSITORY ACT~ ~ake application there- for~ in writing, to the Council ~f the City of Lek,wood. Xf desired~ ~ueh applica- tion ~ay specify the maximum amount of amah publin ~oneya which the applicant deeire~ to receive and have on deposit at any eno time during the period cowred by the designation. Each application shall be accompanied by a financial statement of the applicant under oath ef its eashier~ trea_-au~er or ether officer as of the date the report to the ~uperintendent of b~_k~ er ~omptroller ef the currency, as the case ~ay be, last preceding the ~ate of the application, ~n such d~%ail as to the capital funds of the applicant as defined in the UN~FOR~ DEPOSITORY ACT, ad- Justed to show any changes therein prior to the deto of the applieatiea, The Council hereby ,,tim,tea that the probable amount of the public moneys to be ac deposited in the active deposits in and ~ong the eligible public depositor- ies applying therefor will be Two Mi~l~on Dollars ($2,000,000.00) at the beginning of the period of designation and the Council hereby estimates that the probable maximum amount of public moneys to be so deposi+~ed in active deposits at any durAnE the period of two year, beg~,~g Jul~ 1, 1~1 will be Two Mi~_~4en Dollars ($2,O00,000.00) o Section ~e That this Council shall hold a meeting ia the Council Chamber for the designation of depositories for public funds under itc control at o,clock P.M., June 18, Section 4. Security for ~uch active deposits shall ~e required in accord- anco with the previsions of the UNIFORM DEPOSITORY ACT. Section %. Eligible institutions desiring to be a public depository active deposits of the city are hereby requested to ~ake application to the Couucil in the £orm, manner and within the time epeoified in ~aid act for such deposits and indicate the rate of interest which the applicant will pay en the active deposits, together with such ether information as is required by the UNIFORM DEP~2ITORY ACT, Section 6. This resolution shall be in f..~ force and effect upon its adoption and approval by the Ma~or and at the earliest period allowed by law, April 2, l~l Adopt,dr · Approvedt April 3, 19~1 .. Wm. R. Fairgrieve ' ' president Of Council H. A. Rses Cl~r~' of Council A, I. Kauffman ~ayor