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ORDINANCE N0. 82-47 <br />INTRODUCED BY: Mayor & Council as a Whole <br />AN ORDINANCE DESIGNATING TR.ANSOHIO <br />SAVINGS AS A DEPOSITORY FOR INTERIM <br />FUNDS OF MAYFIELD VILLAGE, OHIO, FOR <br />THE TWO (2) YEAR PER20D COMMENCING <br />JULY l, 1982, AUTHOP.IZING DEPOSITORY <br />AGREEMENTS GJITH SAID INSTITUTION.AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, the municipality currently has on hand certain <br />interim funds which should be placed in an interest bearing time <br />deposit; and <br />WHEREAS, the Council desires that the Village secure the <br />most advantageous interest rates paid on time deposits.by competing <br />institutions; now, therefore, <br />BE IT ORDAINED BY THE COUNCIL OF NIAYFIELD VILLAGE, OHIO, THAT: <br />Section l. TransOhio Savings is hereby designated as a <br />depository for interim funds of Mayfield Village, Ohio for the <br />two (2) year period commericing July l, 1982 and terminating June <br />30, 1984. <br />Section 2. The Mayor and Finance Director ar.e hereby authorized <br />and directed to ente.r into a depository contract for the aforesaid <br />two (2) year period with TrarisOh'ia'Savings.. <br />Section 3. The Finance Director is hereby authorized to <br />deposit interim funds of Mayfiel'd Village, Ohio, in TransOhio <br />Savings wheri such dep'osit is deemed to lie advantageous to the <br />municipality. <br />Section 4. That the Council finds and determines that all <br />formal actions of this Council relating to the adoption of this <br />Ordinance have beeri takeri at open meetings of this Council; and <br />that deliberations of th'is Council an.d of its committees, resulting <br />in such formal action, took place in meetings open to the public, <br />in compliance with all statutory requirements, including the <br />requirements of Section 121.22 of the Ohio Revised Code. <br />Section 5. This Ordinance is hereby declared to be an <br />emergency measure immediately necessary for the preservation of <br />the health, safety and welfare of the residents of Mayfield Village, <br />Ohio, in that the depository agreement eritered into hereunder will <br />reap optimum benefi.ts for monies invested by the municipality. <br />This Ordinance sha11 therefore take effect immediately upon passage <br />by the affirmative vote of not less than five (5) members elected