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RESOLUTION NO. 92- 45 <br />INTRODUCED BY: Mayor Pietrafese and Council as a Whole <br />AN EMERGENCY RESOLUTION <br />DESIGNATING THE SOCIETY BANK AS A <br />DEPOSITORY FOR ACTIVE FUNDS OF MAYFIELD VILLAGE, OHIO <br />FOR THE TWO (2) YEAR PERIOD COMMENCING WITH <br />JANUARY 1, 1993, AUTHORIZING A DEPOSITORY AGREEMENT <br />WITH SAID INSTITUTION <br />BE IT RESOLVED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: <br />SECTION 1. The Society Bank is hereby designated as a <br />depository for active funds of Mayfield Village, Ohio, for the two <br />(2) year period commencing January 1, 1993, and terminating <br />December 31, 1994. <br />SECTION 2. The Mayor and President of Council are hereby <br />authorized and directed to enter into a depository agreement for <br />the two (2) year period with the Society Bank. <br />SECTION 3. The Director of Finance is hereby authorized to <br />deposit active funds of the Municipality in the Society Bank when <br />such deposit is deemed to be advantageous to the Municipality. <br />SECTION 4. The Council finds and determines that all formal <br />actions of the 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 including the <br />requirements of Section 121.22 of the Ohio Revised Code. <br />SECTION 5. This Resolution is hereby declared to be an <br />emergency measure necessary for the immediate preservation of the <br />health, safety and welfare of the residents of Mayfield Village, <br />Ohio, for the reason that the depository agreement entered into <br />hereunder will reap optimum benefits for funds invested by the <br />Municipality. It shall, therefore, take effect immediately upon <br />passage by the affirmative vote of not less than five members <br />elected to Council and approval by? e ayor or o grwis at the <br />earliest time allowed by law. ? ?_?f 1 ? I 1 <br />RINKER, <br />il President <br />First Reading: 12i21 , 1992 <br />Second Reading: n a. , 1992 <br />Third Reading: n a , 1992