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RESOLUTION NO. 2015-15 <br />INTRODUCED BY: Mayor Bruce G. Rinker and Council as a Whole <br />AN EMERGENCY RESOLUTION <br />DESIGNATING CERTAIN FINANCIAL INSTITUTIONS <br />AS DEPOSITORIES FOR INTERIM FUNDS <br />OF MAYFIELD VILLAGE, OHIO <br />FOR THE FIVE (5) YEAR PERIOD <br />COMMENCING WITH JANUARY 1, 2016, <br />AND AUTHORIZING DEPOSITORY AGREEMENTS <br />WITH SAID INSTITUTIONS <br />BE IT RESOLVED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, <br />THAT: <br />SECTION 1. US Bank, NA., PNC Bank, N.A., Citizen's Bank, Keybank N.A., <br />Fifth-Third Bank, Northeastern Ohio, The Huntington National Bank, JP Morgan Chase <br />Bank, N.A., UBS Financial Services, Inc. and STAR Ohio are hereby designated as <br />depositories for interim funds of Mayfield Village, Ohio, for the five (5) year period <br />commencing January 1, 2016, and terminating December 31, 2020. <br />SECTION 2. The Mayor and President of Council are hereby authorized and <br />directed to enter into depository agreements with the aforesaid institutions for the five (5) <br />year period. <br />SECTION 3. The Director of Finance is hereby authorized to deposit interim <br />funds of the Municipality in any of the aforesaid financial institutions when such <br />deposits are deemed to be advantageous to the Municipality. <br />SECTION 4. The Council finds and determines that all formal actions of the <br />Council relating to the adoption of this Resolution have been taken at open meetings of <br />this Council; and that deliberations of this Council and of its committees, resulting in such <br />formal action, took place in meetings open to the public in compliance with all statutory <br />requirements including the requirements of 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 the <br />residents of Mayfield Village, Ohio, for the reason that the depository agreements <br />entered into hereunder will reap optimum benefits for funds invested by the <br />Municipality. It shall, therefore, take effect immediately upon passage by the affirmative