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Resolution No. 563 <br />By Mr. Belzer <br />A RESOLUTION APPROVING A CONTRACT FOR DEPOSIT OF <br />INACTIVE.. FUNDS IN CENTRAL NA.TIONAL.BANK OF CLEVELAND <br />WHEREAS, the Village of Nlayf field, Ohio, has funds which are known as <br />inactive funds in that they will not be required for use by the Village for a <br />period of six months and said funds are now on deposit without payment of any <br />interest to the Village; and <br />WHEREAS, Central National Bank of Cleveland, a National Banking <br />Association, organized under the laws of the United States of America and <br />authorized to transact business in the State of Ohio, has submitted to the <br />Village of Mayf field a contract for deposit of inactive public funds, dated <br />June 17, 1963, which contract is for a period of six months beginning June <br />30, 1963, but renewable for additional periods of six months each up to <br />June 30,.1965, but is subject to withdrawal of funds by the Village on 90 <br />dayst written notice, and said contract further provides for payment of <br />interest at 2-1/2% per annum, ~oith the further provision that any funds left <br />on deposit for a full period of six months shall earn an additional interest <br />at the rate of one per cent (1%) per annum. <br />NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE VILLAGE OF HAYFIELD, <br />CUYAHOGA COUNTY OHIO, THAT: - _ - - <br />Sec. 1. The Alayor and the Clerk of the Village of Mayf field are hereby <br />authorized on behalf of the Village to enter into a contract with Central <br />National Bank of Cleveland •f or the deposit of inactive public funds on the <br />terms hereinabove stated and in accordance with the contract dated June 17, <br />1963, submitted by Central National Bank of Cleveland. <br />Sec. 2. The Village Clerlc is hereby authorized to certify a copy of <br />this Resolution to Central National Bank of Cleveland. <br />Sec. 3. This Resolution is hereby deemed to be an emergency measure, <br />necessary for the immediate preservation of the public peace, health, safety <br />and welfare of the Village of Mayfield and its inhabitants in~.~order that <br />inactive funds of the Village may earn interest and bring needed revenue to <br />the Village, and this resolution shall be in force and go into effect <br />immediately upon the date of its adoption. <br />Adopted this 17th day of June, 1963. <br />Attest s / e%~L <br />~~; i/ G <br />~ Mayor - President of Council <br />*,.~' ~ <br />( •A~) C rk <br />