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RESOLUTION NO. 96-10 INTRODUCED BY: Mayor Bruce G. Rinker and Council as a Whole AN EMERGENCY RESOLUTION DESIGNATING STAR BANK AS A DEPOSITORY. FOR ACTIVE FUNDS OF HAYFIELD VILLAGE, OHIO FOR THE PERIOD OF MAY 1, 1996 THROUGH DECEMBER 31, 1996, AUTHORIZING A DEPOSITORY AGREEMENT WITH SAID INSTITUTION i BE IT RESOLVED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: SECTION 1. The Star~Bank is hereby designated as a depository for active funds of Mayfield Village, Ohio, for the period commencing May 1, 1996, and terminating December 31, 1996. SECTION 2. The Mayor and President of Council are hereby authorized and directed to enter into a depository agreement for said period with the Star Bank. SECTION 3. The Director of Finance is hereby authorized to deposit active funds of the Municipality in the Star Bank when such deposit is deemed to be advantageous to the Municipality. SECTION 4. The Council finds and determines that all formal actions of the Council relating to the adoption of this Resolution have been taken at open meetings of this Council; and that deliberations of this Council and of its committees, resulting in such formal action, took place in meetings open to the public in compliance with all statutory requirements including the requirements of Section 121.22 of the Ohio Revised Code. SECTION 5. This Resolution is hereby declared to be an emergency measure necessary for the immediate preservation of the health, safety and welfare of the residents of Mayfield Village, Ohio, for the reason that the depository agreement entered into hereunder will reap optimum benefits for funds invested by the Municipality. It shall,. therefore, take effect immediately upon passage by the affirmative vote of not less than five (5) members elected to Council and approval by the Mayor or otherwise at the earliest time allowed by law. MARK FIXL , Council President First Reading: April 15 , 1996 Second Reading: n/a_ , 1996 Third Reading: : n•/'a _ , 1996