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~SOLUTION ~O. 378& BY~ Messrs. Oaydos, Gottermeyer, Quinn, <br /> Ward, Chockley, Fairgrieve, <br /> Fahrenbach. <br /> A ?~ESOLt~IOH (a) determining that there will be no 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 /> ~EREA$, Revised COde, Bections 1~5.O1 to 1~5.2~, inclusive, gover <br />the deposit of public funds in financial institutions$ now, therefore, <br /> <br /> BE IT RE~OLVED BY T~E COUNCIL OF THE CITY OF LAXEWOOD, STATE OF <br />OHIO: <br /> <br /> ~eetion 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 during the <br />~eriod of two years beginning July 4 1957, <br /> <br /> Section 2. Active Deposits, Each eligible institution desiring <br />to be a public depository of the active delco,its of the public moneys of <br />the city shall make application therefor, An~riting, to the Council of <br />the City of Lake~od. If desired, such application may specify the ~x- <br />imum amount of such public moneys ~hichthe applicant ~esires to receive <br />and have on deposit at any one time during the period covered by the <br />designation. Each application shall be accompanied by a financial state- <br />ment of the applicant under oath of its cashier~ treasurer or other of- <br />ficer as of the date of the report to the superintendent of banks or <br />comptroller of the currency, as the case may be~ last_preceding the date <br />of the application~ in such detail as to show the capital funae o£ the <br />applicant, adJuste~ to show any changes therein prior to the date of <br />the application. <br /> <br /> The Council hereby estimates that the probable amount of the <br />public moneys to be so deposited in the active deposits in and among the <br />~ligiblepublic depositories applying t~erefor will be One ~lliofi Five <br />Hundred Thousand Dollars ($1,5OO,OO0.00} at the beginning of the period of <br />designation and the Council hereby estimates that the probable maximum amc <br />of public moneys to be so deposited in active deposits at any time during <br />the period of two years b~ginning July ~, 1957, will be Two F~llion Five <br />Hundred Thousand Dollars <br /> <br /> Section ~. 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~OO oeclock P.M., June 17, <br /> <br /> Section ~. Security for such active deposits shall be required <br />in accordance with statutory provisions. <br /> <br /> Section ~, 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 rate <br />of interest ~ich the appliCant will pay on active deposits, together <br />with such other inform~ation as is required by statute. <br /> <br /> Section 6. That this resolution shall take effect and be in <br />force from and after its adoption at the earliest period allowed by law. <br /> <br />Adopted~ ~pr~ 1. 1957 <br /> <br />Thom~s.~G.' Wa. r4 <br />' ' President <br /> <br />Approved~ APril!.2,.1957 <br /> <br />H. A. Rees <br /> <br /> Frank P. Celeste <br />....... .................. ,or <br /> <br /> <br />