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Q111-+INAI.?1L'y NO s 13a <br />BY TviR. I:EWIS . <br />AIS ORDINAISCE AUTHORIZING TBE CEid'I'RAL <br />UL`tZTED. i11 ?ZIO?v.??T? B.?J?iI? !?S D ?'3'OSITQI-tY_ OF <br />TijAyF?Z:D VIIMGiCTL }?ND S TO , SUBS TITUT:@ _ <br />I'IRST It+IORTG AGIRIS ON RIE AZ. 111STA_TUd . FOR .. <br />730Iq'DS AS SECURITY FOR'DEPqSITS. <br />117IfiyREAS,. the Central United National B'ank of Cileve- <br />land, depository for t_he public funds of the Vi1.1age has requested <br />this Council for authority t.o substitute f irst mortgages -upon reaZ <br />estate for munieipal and government bonds as secur-ity for such de- <br />posits, and <br />Z??I=EASs the Fttorney General of the State of Ohio <br />has recently xuled_that_ the acceptance of suah security is lawful, <br />a nd . . <br />Yq1ERi;liS, this Council is of the opinion that the <br />subst.itution by the Village Depos itory of f irst mor.tgages far-the <br />securlties now given for the.deposit. 'of public funds wiZl not im- <br />pEkir° the safety of the public funds of the VilTage,. ' <br />ISOW, MR.T:F'ORTI, BE TT UKDAIISTD by the Counc i 1 of <br />the VilTage of Mayfield, ,Cuyahoga., County, ,._Ohio, tY?at: <br />S:ection l. The Village Depos itory be and it hereby <br />is granted autharity to substitute ?as security for the depos it af <br />the public funds of this Village first mortgages on real estate <br />tivhich said mor.-tgages sha11 c.ompTy with t.he requirenlents of Section <br />22.88-1 of the Gene ra1 Code of Ohio. <br />Section 2. Before any such first raortgages are <br />accepted as security by' this VilTage there shall be submitt.ed to <br />this Council a statement of the appra.isement of the premises trLade <br />under oa.th by two -competent appraisers who shal.l. be freeholders, and <br />an opinion of a. competent a.ttorney as to the validity and priority <br />of the mortgage lien. . <br />S"ection 3. This C'ouncil reser.ves the right to re- <br />j`ect a_ny mor-tgage ten.dered as secur-ity by the Village depos itory for <br />any reason whztsoever, and further reser.ves the right at any time a.fter <br />a mortgage be accepted as secuz°ity to require the depos itory to with- <br />dra.cv such mortgage and substit.ute trierefor another mortgage a.ccept- <br />able to this Council. <br />Section 4. This <br />an itimergencST ardina.nce, necessary <br />the publie health and safety for <br />of said Ordinance. <br />Ordinance is hereby declared to be <br />for the immedia te pres.ervation of <br />rea. so ns apparent f rom the c ontent s <br />_ Passed the 21st day. of Decernber, A. D.' 1931. <br />tlttest: <br />Myor - Pres.ident ai Counci.T. <br />'R.L ) ' C 1e rk <br />.: