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RESOLUTION NO. 3627 BY Mr. Gottermeyer <br /> <br /> A RESOLUTION (a) determining that there will be ne public funds <br />subject to its control to be awarded and be on deposit as inactive de- <br />posits in public depositories and (b) estimating the probable amount of <br />public moneys to be deposited as active deposits in public depositories. <br /> <br /> WHEREAS, Revised Cgde. Sections 135.91 to 135.23, inclusive, <br />govern the depoSit of publmc funds in financmal institutions; now, <br />therefore, <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD~ STATE OF <br />OHIO: ~ <br /> <br /> Section 1. Inactive Deposits. This Council hereby determines <br />that there will be no public funds subject to its control to be awarded <br />and be on deposit as inactive deposits in public depositories dmring <br />the period of two years beginning July 1, 1955. <br /> <br /> Section 2. Active Deposits. Each eligible institution desiring <br />to be a public depository of the active deposits of the public moneys <br />of the city shall make application therefor, in writing, to the Council <br />of the City of Lakewoodo If desired, such application may specify the <br />maximum amount of such public moneys whiCh the aPplicant desires to <br />receive and have on deposit at any one time dmring the period covered <br />by the designation. Each application shall be accompanied by a finan~ <br />cial statement of the applicant under oath of its cashier, treasurer or <br />other officer as of the date of the report to the superintendent of <br />banks or comptroller of the currency, as the case may b% last.preceding <br />the date of the application, in such detail as to shgw th? capmtal funds <br />of the applicant., adjusted to show any changes theremn prmor to the date <br />of the application. <br /> <br /> The Comncil hereby estimates that the probable amount of the <br />public mgneys to be so deposited in the active deposits in and among <br />the eligible public depositories applying therefor will be One Million <br />Dollars ($1,000,000.00) at the beginning of the period of designation <br />and the COuncil hereby estimates that the probable maximum amount of <br />public moneys to be so deposited in active deposits at any time during <br />the period of two years beginning July 1, 1955, will be One Million <br />DOllars ($1,000,000.00). <br /> Section 3. That this Council shall hold a meeting in the Council <br /> Chamber for the designation of depositories for public funds under its <br /> control at 8:00 o'clock P.Mo, June 20, 1955. <br /> <br /> Section $. Security for such active deposits shall be required <br /> in accordance with statutory provisions. <br /> Section 5. Eligible institutions desiring to be a public de- <br /> pository of active deposits of the city are hereby requested to make <br /> application to the Council in the form, manner and within the time spec- <br /> ified by the statutes relating to such deposits and to indicate the <br /> rate of interest which the applicant will pay on active deposits, together <br /> with such other information as is required by statute. <br /> Section 6. Upon its adoption, this resolution shall be in full <br /> force and effect at the earliest period allowed by law. <br /> <br />Adopted:March 21, 19~~ <br /> <br />Approved: March 22~ 19~~ <br /> <br />Wm. R. Fairgrieve <br /> President <br /> <br />H. A. Rees <br /> <br />Clerk <br /> <br />A. I. Kauffman <br /> Mayor <br /> <br /> <br />