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RESOLUTION NO. 3799 BY: Messrs. Quinn, Ward, Chockley, <br /> Fahrenbach, Fairgrieve, <br /> Gaydos, Gottermeyer. <br /> <br /> AN E~RGENCY RESOLUTION authorizing withdrawal of securities on <br />deposit with~ and the substitution of other securities with, The Federal <br />Reserve Bmnk of Cleveland as Trustee for safekeeping. <br /> <br /> WHEREAS, to secure the deposit of funds of the City of Lakewood in <br />The Cleveland Trust Company, Central National Bank of Cleveland, Union <br />Commerce Bank, The National City Bank of Cleveland and Society National <br />Bank of Cleveland, under depository designation terminating, pursuant to <br />Revised Code Section 135.11, on June 30, 1959, certain obligations of the <br />United States of America have heretofore been deposited and are now on de- <br />posit with the Federal Reserve Bank of Cleveland for safekeeping, and <br /> <br /> WHEREAS, said banks have requested this subdivision to authorize <br />said Federal Reserve Bank of Cleveland to permit substitution of securi- <br />ties in such safekeeping account and this subdivision has determined that <br />such authorization is feasible and proper on the terms hereinafter set <br />forth, and <br /> <br /> WHEREAS, this resolution constitutes an emergency in that said <br />public depositories have designated The Federal Reserve Bank of Cleveland <br />as Trustee and desire provisions made for the exchange and release of <br />securities and the substitution of other securities, all as provided hy <br />the Uniform Depository Act of the State of Ohio, and in that it provides <br />for the usual daily operation of a municipal department, now, therefore, <br /> <br />OHIO: <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF <br /> <br /> Section 1. That The Federal Reserve Bank of Cleveland be and it <br />is hereby authorized at any time during the period ending June 30, 1959, <br />to permit The Cleveland Trust Company, Central National Bank of Cleveland, <br />Union Commerce Bank, The National City Bank of Cleveland and Society <br />National Bank of Cleveland to withdraw any obligations of the United <br />States of America now or hereafter during the aforesaid period on deposit <br />with The Federal Reserve Bank of Cleveland for safekeeping for the ac- <br />count of said banks and this subdivision, provided that said banks shall <br />at the same time deposit in such safekeeping account with the Federal <br />Reserve Bank of Cleveland in substitution for the obligations so with- <br />drawn, other obligations of the United States of America of an aggregate <br />market value not less than the obligations so withdrawn. Eerket value <br />shall be that prevailing in the New York market at the close on the <br />business day next preceding the day upon which substitution is effected. <br /> <br /> Section 2. That the Director of Finance as Treasurer of the <br />City of Lakewood is hereby directed to certify a copy of this resolution <br />to The Federal Reserve Bank of Cleveland and to The Cleveland Trust Company, <br />Central National Bank of Cleveland, Union Commerce Bank, The National <br />City Bank of Cleveland and Society National Bank of Cleveland. <br /> <br /> Section 3. This resolution is hereby declared to be an emergency <br />measure for the reasons stated in the preamble hereof and, provided it <br />receives the affirmative vote of two-thirds of all members elected to <br />Council, it shall take effect and be in force immediately upon its a- <br />doption and approval by the Mayor. <br /> <br />Adopted: June 17. 1957 <br /> <br />Thomas C. Ward <br /> <br />President <br /> <br />Approved: June 18, 1957 <br /> <br />H. A, ReeS <br /> <br />Clerk <br /> <br />Frank P. Celeste <br /> Mayor <br /> <br /> <br />