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RESOLUTION N0. 86-61 <br />INTRODUCED BY: Mayor Carmen & Council as a WHole <br />A RESOLUTION DESIGNATING CERTAIN FINANCIAL INSTI- <br />TUTIONS AS DEPOSITORIES FOR INTERIM FUNDS OF <br />MAYFIELD VILLAGE, OHIO, FOR THE TWO YEAR PERIOD <br />COMMENCING WITH JANUARY l, 1987, AUTHORIZING <br />DEPOSITORY AGREEMENTS WITH SAID INSTITUTIONS AND <br />DECLARING AN EMERGENCY. <br />BE IT RESOLVED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: <br />Section 1. The P,meriTrust Company, National City Bank, <br />Commerce Exchange Bank, Society National Bank, TransOhio Savings, <br />Cuyahoga Savings Association, Cardinal Federal Savings Bank and Home <br />Federal Savings, are hereby designated as depositories for interim <br />funds of Mayfield Village, Ohio for the two (2) year period commencing <br />January 1, 1987 and terminating December 31, 1988. <br />Section 2. The Mayor and Director of Finance are hereby <br />authorized and directed to enter into depository agreements with the <br />aforesaid institutions for the two (2) year period. <br />Section 3. The Director of Finance is hereby authorized <br />to deposit interim funds of the Municipality in any of the aforesaid <br />financial institutions when such deposits are deemed to be advanta- <br />geous to the Municipality. <br />Section 4. That the Council finds and determines that all <br />f ormal actions of this Council relating to the adoption of this <br />Resolution have been taken at open meetings of this Council; and that <br />deliberations of this Council and of its committees, resulting in such <br />formal action, took place in meetings open to the public, in <br />compliance with all statutory requirements including the requirements <br />of Section 121.22 of the Ohio Revised Code. <br />Section 5. This Resolution is hereby declared to be an <br />emergency'measure necessary for the immediate preservation of the <br />health, safety and welfare of the residents of Mayfield Village for <br />the reason that the depository agreements entered into hereunder will <br />reap optimum benefits for funds invested by the Municipality. It <br />shall therefore take effect immediately upo assage by affirma- <br />tive vote of not less than four (4) membe e ected to and <br />approval by the Mayor or otherwise at tl}/Ve lit llowed <br />law. <br />First Reading: <br />1:2/15/86 <br />Richard Etzler, Council President <br />Second Reading.e <br />Suspended <br />Third Reading: Suspended <br />PASSED: ? Decenb r 15 1986 <br />APPROV ED<? <br />Fred N. Carmen yor Date <br />APPROV ED AS TO FORM : ./ "0 <br />`Dale=C. Feneli, Law Director <br />ATTEST:?MvlxQ • "(3- <br />Donna J. 46ath, Clerk of Council