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Resolution No. 9 9 7 <br />Introduced by: MZ'. Btlsa <br />A RESOLUTION DESIGNATING FINANCIAL <br />INSTITUTIONS AS PUBLIC DEPOSITORIES <br />AND DECLARING AN EMERGENCY <br />WHEREAS, the Finance Director has advertised for the receipt of <br />applications of financial institutions to be public depositories for the public <br />monies of Mayfield Village and the Council finds that notice of the applications <br />was duly published, as required by law; and the Finance Director has reported <br />that said applications have been opened; and <br />WHEREAS, the applications described belo.w have been received from the <br />following named institutions in the maxmium amount indicated after each said <br />name, at the rate of interest as to inactive and interim deposits indicated; now <br />therefore, <br />BE IT RESOLVED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, TIiAT: <br />Section l. For inactive depositse <br />Zlaximum Amount <br />Rate of <br />Percentage <br />Name of Institution Address <br />Central National Bank <br />of Cleveland <br />National City Bank <br />St. Clair Savings <br />Association <br />State Savings & Loan <br />Company <br />Section 2. For active deposits: <br />Central National Bank <br />of Cleveland <br />National City Bank <br />$ Z00,000.00 5 3/8 <br />for not less than <br />30 days <br />$ 100,000.00 5 e 125 <br />for not less than <br />30 days <br />$ 100,000.00 5 3/8 <br />for not less than <br />30 days <br />?,OOOs00 5.25 <br />for not less than <br />30 days <br />Section 3. Each of the above named institutions making application-for <br />public monies of Mayfield Village has agreed, pursuant to Revised Code Section <br />135.18, in consideration of the award of public monies, before receiving the <br />initial or any subsequent deposits, to pledge to and deposit with the Finance <br />Director of Mayfield Village, as security for the repayment of all public monies <br />of Mayfield Village to be deposited in the institution during the period pursuant