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Resolution No. 300 <br />By I`4r. . Strater <br />A RESOLUTTOiV AU'7HORZZING SUBSTITIPTION OF SECURTTIES <br />WEEREAS, to secure -the deposit of funds of the Villra.ge of 1"ayfield <br />in the CENTRAL NATIONAL BANK OF CLEVLLAND, and the NATTONAZ CITY BANK OF <br />CZEVELAND,, under depositox7. designa.tions terminating, pursuant, to Ohio _ <br />Revised Code Section 135.11, on August 22nd, 19571 certain obligations of <br />the United States of America havz hitiierto been deposited by said banks <br />and are notia on deposit with the Federal Reserve Bank of Cleveland for <br />safe Iceeping; and <br />IMREI?S, each of said Uanks has requested this Village to authorize <br />said Federal Reserve Pank of Cleveland to pernit substitution of securities <br />in such safs keeping accounts and this Village has detennined that such <br />authorizations are feasible and proper on the texmis hereinafter set forth. <br />NO'G?J THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE VILLAGE OF <br />MAYI'IELD, CUYAHOCA C OUNTY OHIO, THAT : Sec. lo The Federal Reserve Ba.nk of Cleveland be, and it hereby <br />is, authorized a-t any time duri.ng the period ending Augus-t 22nd, 1957, -to <br />permit the Central National Ba.nk of Cleveland and the National City Bank <br />of Cleveland to withdraw any oUligations of the United States of Amrica, <br />now or hereafter, during the aforesaid period9 on deposit witli the Federal <br />-Reserve Bank of Cleveland for safe keeping for the account of sa3.d banks <br />and this Village, provided that each of said banks shall at the same time <br />deposit in such safe keeping account with the Federal Reserve Bank of <br />Cleveland, in substitution for the obliga-tions.so withdxawn, other <br />oblibations of the United States of Amrica of a principal amount not less than <br />the oblioations so withdraUm. <br />Sec. 2. The Treasttrer o= the Village is hereby authorized to certify <br />a copy of this Resolution to the Federal Reserve Banc of Clevela.hd, the <br />Central National $ank of Cleveland and the National City Bank of Cleveland. <br />Adopted this 15th day of August, 19550 <br />Attest: <br />7?1 <br />rTELyor - resident of ouncil <br /> ? <br /> <br />s q {