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ORDINANCE NO. 81-g <br />INTRODUCED BY: Council as a Whole <br />AN ORDINANCE DESIGNATING THE STATE SAVINGS & LOAN <br />ASSOCIATION AS A DEPOSITORY FOR INTERIM FUNDS OF <br />MAYFIELD VILLAGE, OHIO, FOR THE TWO (2) YEAR <br />PERIOD COMMENCING FEBRUARY 17, 1981 ,. AUTHORIZING <br />DEPOSITORY AGREEMENTS WITH 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 MAYFIELD VILLAGE, OHIO, THAT: <br />Secti'on'~~1. The State Savings & Loan Association is hereby <br />designated as a depository for interim funds of Mayfield Village, Ohio <br />for the two (2) year period commencing February 17, 1981 and terminating <br />February 16, 1983. <br />S'ection~'2. The Mayor and Finance Director are hereby authorized <br />and directed to enter into a depository contract for the aforesaid two <br />(2) year period with the State Savings & Loan Association. <br />Section`3. The Finance Director is hereby authorized to deposit <br />interim funds of Mayfield Village, Ohio, in the State Savings & Loan <br />Association when such deposit is deemed to be advantageous to the <br />municipality. <br />Section"4. This Ordinance is hereby declared to be an emergency <br />measure immediately necessary for the preservation of the health, safety <br />and welfare of the residents of Mayfield Village, Ohio, in that the <br />depository agreement entered into hereunder will reap optimum benefits <br />for monies invested by the municipality. This Ordinance shall therefore <br />take effect immediately upon passage by the affirmative vote of not less <br />than five (5) members elected to Council and approval by the Mayor or <br />otherwise at the earliest time allowed by law. <br />~~g.zL~t/D9..I ~e~ l~~lv/l~./4~G <br />Allan G. Bennett, Council President <br />PASSED : Feb.; , 1981 <br />~'' <br />APPROVED :'~ j `'~~ ~' ~~ ~ / ri .. ~.~ ~ <br />Robe-t G. Beebe, Mayor ate <br />APPROVED AS TO FORM`;'' <br />Guerin L. Avery, La Director <br />~~.. <br />ATTEST : ~=~-.x^~-~.~~ <br /> <br />