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RESOLUTION NO. 92-36 <br />INTRODUCED BY: Mayor Pietrafese and Council as a Whole <br />A RESOLUTION <br />AUTHORIZING PARTICIPATION BY THE VILLAGE <br />OF MAYFIELD IN THE SECURED ASSETS FUND <br />EARNINGS PROGRAM OF CUYAHOGA COUNTY <br />WHEREAS, the Cuyahoga County Treasurer has authorized <br />political subdivisions to pool their funds into a large investment <br />fund, thereby providing the benefit of higher rates; and <br />WHEREAS, participation in the Secured Assets Fund Earnings <br />Program (S.A.F.E.) must first be authorized by the appropriate <br />public officials; and <br />WHEREAS, the investment of Village funds in the S.A.F.E. <br />program will be to the best interest of the Village and its <br />taxpayers; and <br />WHEREAS, Council hereby expresses its intent, based upon the <br />information provided to authorize participation of Village funds in <br />the S.A.F.E. program. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF MAYFIELD <br />VILLAGE, OHIO, THAT: <br />SECTION 1. The Village of Mayfield, by and through its <br />Director of Finance, is hereby authorized to participate in the <br />Cuyahoga County Secured Assets Fund Earnings Program (S.A.F.E.) and <br />is further authorized to establish such accounts as the Director of <br />Finance may require for accounting convenience and to satisfy <br />requirements regarding the commingling of funds. <br />SECTION 2. The Director of Finance be and is hereby <br />authorized to make application for the establishment of such <br />accounts as referred to in Section 1 hereof and to take such <br />further action as is necessary to provide for effective investment <br />of funds of the Village of Mayfield. <br />SECTION 3. The Council finds and determines that all formal <br />actions of this Council relating to the adoption of this Resolution <br />have been taken at open meetings of this Council; and that <br />deliberations of this Council and of its committees, resulting in <br />such formal action, took place in meetings open to the public, in <br />compliance with all statutory requirements inclVding the <br />requirements of Section 121.22 of t4-e--Qhio Revi9ed qedtr.-\ ,_ <br />SECTION 4. This Resolutio? sh <br />time allowed by law. / <br />E RINKER <br />cil President