Laserfiche WebLink
RESOLUTION No. 579 <br />By Mr. Sloan <br />A RESOLUTION AUTHORIZING SUBSTITUTION OF SECURITIES <br />WHEREAS, to secure the deposit of funds of the Village of Mayfield in <br />the CENTRAL NATIONAL BANK OF CLEVELAND, THE NATIONAL CITY BANK OF CLEVELAND, <br />and THE,CLEVELAIVD TRUST COMPANY, under depository designations terminating, <br />pursuant to Ohio-Revised Code Section 135.11, on August 22, 1965, certain <br />obligations of the United States of America have hitherto been deposited by <br />said banks and ase now on deposit with the Federal Reserve Bank of Cleveland <br />for safe keeping; and _ - <br />WHEREAS, each of said banks has requested this Village to authorize <br />said Federal Reserve Banlc of Cleveland to permit substitution of securities <br />in such safe keeping accounts and this Village has determined that such <br />authorizations are feasible and proper on the terms hereinafter set forth. <br />NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE VILLAGE OF HAYFIELD, <br />CUYAHOGA COUNTY_OHIO., THAT: - - - - - - . <br />Sec. 1. The-Federal Reserve Bank of Clevveland be, and it hereby is, <br />authorized at any time during .the period ending August 22, 1965, to permit <br />the Central National Banlc of Cleveland, the National City Banic of Cleveland <br />and The Cleveland Trust Company, to withdraw any obligations of the United <br />States of America,, now or hereafter, during the aforesaid period, on <br />deposit with the Federal Reserve Banlc of Cleveland for safe keeping for <br />the account of said banks and this Village, provided that each of said <br />banlcs shall at the same time deposit in such safe lceeping account with the <br />Federal Reserve Bank of Cleveland, in substitution for the obligations so <br />withdrawn, other. obligations of the United States of America of a principal <br />amount not less than the obligations so withdrawn. <br />Sec. 2. The Treasurer of the Village is hereby authorized to certify <br />a copy of this Resolution to the Federal Reserve Bank of Cleveland, the <br />Central National Bank of Cleveland, the National City Bank of Cleveland, <br />and The Cleveland. Trust Company. <br />Adopted this 19th day of August, 1963. <br />_ L~~. / <br />Attest: <br />Mayor - President of Council <br />(S~,) ~ Clerk <br />