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RESOLUTION N0. 88- 58 <br />INTRODUCED BY: Mayor Carmen and Council as a Whole <br />A RBSOLUTION <br />DESIGNATING CSRTAIIQ FINANCIAL INSTITUTIONS AS <br />DEPOSITORIFS FOR TN'1'PRTM FUNDS OF MAYFIELD VILLAGE, OHIO, <br />FOR THE 1SI0 (2) YEAR PSRIOD COPAffiNCING WZTH <br />JANUARY 1, 1989, AUTHORIZING DEPOSITORY AGREEMEdTS <br />WITH SAID INSTITOTIONS AND DSCLARING AN ffiKSRGSNCY <br />BE IT RESOLVED BY THB COUNCIL OF MAYFIELD VILI.AGE, Offi0, THAT: <br />SECTION 1. The AmeriTrust Company, National City Bank, Commerce <br />Exchange Bank, Society National Bank, TransOhio Savings, Cuyahoga Savings <br />Association, Cardinal Federal Savings Bank, Home Federal Savings Bank and <br />Huntington National Bank are hereby designated as depositories for interim <br />funds o£ Mayfield Village, Ohio, for the two (2) year period commencing <br />January 1, 1989, and terminating December 31, 1990. <br />SECTION 2. The Mayor and President of Council are hereby authorized and <br />directed to enter into depository agreements with the aforesaid institutions <br />for the two (2) year period. <br />SECTION 3. The Director o£ Finance is hereby authorized to deposit <br />interim funds of the Municipality in any of the aforesaid financial insti- <br />tutions when such deposits are deemed to be advantageous to the Municipality. <br />SECTION 4. The Council finds and determines that all formal actions of <br />this Council relating to the adoption of this Resolution have been taken at <br />open meetings of this Council; and that deliberations of this Council and of <br />its committees, resulting in such formal action, took place in meetings open <br />to the public, in compliance with all statutory requirements including the <br />requirements o£ Section 121.22 of the Ohio Revised Code. <br />SECTION 5. This Resolution is hereby declared to be an emergency measure <br />necessary for the immediate preservation of the health, safety and welfare of <br />the residents of Mayfield Village, Ohio, for the reason that the depository <br />agreements entered into hereunder will reap optimum benefits for funds <br />invested by the Municipality. It shall, therefore, take effect immediately <br />f