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<br />~. <br />RESOLUTION NO. 2005-06 <br />INTRODUCED BY: Mayor Bruce G. Rinker and Council as a Whole <br />AN EMERGENCY RESOLUTION <br />DESIGNATING CHARTER ONE BANK, NA AS A <br />DEPOSITORY FOR INTERIM FUNDS OF HAYFIELD VILLAGE, OHIO <br />FOR THE FIVE (5) YEAR PERIOD COMMENCING WITH <br />JANUARY 1, 2005, AUTHORIZING DEPOSITORY AGREEMENTS <br />WITH SAID INSTITUTIONS <br />BE IT RESOLVED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: <br />SECITON 1. That Charter One Bank, NA is hereby designated as a depository <br />for interim funds of Mayfield Village, Ohio, for the five (5) year period commencing <br />January 1, 2005, and terminating December 31, 2009. <br />SECITON 2. The Mayor and President of Council are herebyauthorized and <br />directed to enter into depository agreements with the aforesaid institution for the five (5) <br />year period. <br />SECITON 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 deposits <br />are deemed to be advantageous to the Municipality. <br />SECITON 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 <br />such formal action, took place in meetings open to the public in compliance with all <br />statutory requirements including the requirements of Section 121.22 of the Ohio Revised <br />Code. <br />SECITON 5. This Resolution is hereby declared to be an emergency measure <br />necessaryfor the immediate preservation of the health, safetyand welfare of the residents <br />of Mayfield Village, Ohio, for the reason that the depository agreements entered into <br />hereunder will reap optimum benefits for funds invested by the Municipality. It shall, <br />therefore, take effect ummediately upon passage by the affirmative vote of not less than <br />five (5) members elected to Council and approval by the Mayor or otherwise at e <br />earliest time allowed bylaw ~ ~ n <br />William Buckholtz <br />Council President <br />