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RESOLUTION NO. 5225 BY: <br /> <br />Messrs, Brockman, Chinnock, <br />Magnotto, McBride, Salmon, Sinagra~ <br />Usher <br /> <br />A RESOLUTION estimating an amo~mt of interim and active moneys, and <br />fixing a date of the meeting to designate depositories. <br /> <br />WHEREAS, Article III, Section 16 of the Charter of the City of Lakewood <br />governs the deposit of public funds in financial institutions; now, <br />therefore, <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF I~EW. OOD, STATE OF OHIO: <br /> <br />Section 1. That active and interim moneys of the City of Lakewood shall <br />be deposited in a bank or banks as provided by law. <br /> <br />Section 2. THat because the revenues and funds expenditures of the City <br />are received and expended in relatively level amounts throughout the year <br />Council hereby determines that no monies will be available for deposit as <br />inactive funds. <br /> <br />Section 3. That the bank or banks in Cuyahoga County offering the highest <br />rate of interest per annum on interim deposits be made depository or <br />depositories of such funds of the City of Lakewood for a period of two <br />years beginning July 1, 1977. Interest on interim deposits is to be <br />paid quarterly and at maturity and computed from the date of deposit. <br />The Council hereby estimates that the maximum amount of public moneys to <br />be so deposited in the interim deposits will be in the amount of five <br />million dollars. <br /> <br />Section 4. The Council hereby estimates that the probable amount of <br />public moneys to be so deposited in the active deposit, during the period <br />aforesaid, will vary between one hundred thousand dollars and five million <br />dollars. <br /> <br />Section 5. That security for both active and interim deposits shall be <br />required. <br /> <br />Section 6. That the Council of the City of Lakewood shall consider applica- <br />tions for interim and active deposits, anticipating designating such <br />depositories by ordinance at the regular meeting to be held June 6, 1977 <br />at 7:30 p.m., or as soon thereafter as may conveniently do so. <br /> <br />Section 7. That this resolution shall take effect and be in force from <br />and.after its adoption at the earliest period allowed by law. <br /> <br />Mayor <br /> <br /> <br />