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1LL'NQLUTJ.QN NOa 397 <br />By N?,S BT°OW11 <br />A RESOT;UTION AUTHORZZIIdG SUBSTITUTION OF SECURTTTES <br />'WTURW , to secure the deposit of funds of the Village of Mayfield <br />in the CENTRAL i+IA.TIONAL BANK OF CLEVELAND,, and tb.e NA.TTONAL CIZ'Y BA1UIs OF <br />CLEVELAND, under depository designations termina-ting9 pursuant to Ohio <br />Resr.i.sed Code Section 135.11, on 4ugust 22nd' 1959, eertain obligations of <br />tlze United States of America have hitherto been deposited by said banks <br />and are'naw on deposit with the Federal Reserve Bank of Cleveland for safe <br />keep3.ng; and <br />Tr7HEREAS, each of said banks has requested this Vi'l..l.age to authorize <br />said Federal Reserve Bank oi Cleveland to permit substitution of securities <br />in such s afe keeping accounts and this Village has deter7nined tllat such <br />authoriza•tions are feasible and proper on the -Germs hereinafter set forth. <br />NQ`nT THEREFOP2 BE IT RES OLVED BY THE, COUIIC ZL, OF THE VTLLAGE OF <br />MAYFIEI,D9 CUYAHOGA COIJNTY OIiLO, THAT: <br />Sec. l. The Federal Reserve Bar?.k of Cleveland be3 and it hereby <br />is, authorized at ariy time during the period ending August 22nd, 1959' to <br />permit the Central National Bank of Cleveland and the National City Bank <br />of Cleveland to withdratT arry obligations of the Uiv.ted States of America' <br />now or hereafter, durin; the aforesaid period9 on deposit with the Federal <br />Reserve Bank of Cleveland for s afe keepi.ng for the accountu oF saa.d banks <br />and this Vi1.].age9 provided that each of said banks sha11 at the same time <br />deposit in such safe keeping accoU.nt with the Federa7. Reserve Bank of <br />Cleveland, in substitution for the obligat3ons so withdrawn, other <br />obligations of the IInited States of America of a pri.ncipal amount not less <br />than -the ob7a.gations s o withd.rawn. <br />?ec. 2. The Treasurer of the VMage is hereby authorized to certify <br />a copy of this Resolution to the Federa7. Reserve Bank of C7.eveland, the <br />Central Ivational Bank of Cleveland., and the National City Banlc of Clevelaid. <br />Adopted this 26 day of August, 1957. <br />Attest: jayor ? President of Councit <br />C?f k