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RESOLUTIOfV NO. 97-05 <br />INTRODUCED BY: Mayor Bruce G. Rinker and Council as a Whole <br />AN EMERGENCY RESOLUTION <br />DESIGNATING PROVIDENT BANK AS AN ADDITIONAL <br />DEPOSITORY FOR INTERIM FUNDS OF MAYFIELD VILLAGE, OHIO <br />FOR THE TWO (2) YEAR PERIOD COMMEfVCING V111TFi JANUARV 1, 1997 <br />BE IT RESOLVED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: <br />SECTION 1. Provident Bank is hereby designated as an additional depository for <br />interim funds of Mayfield Village, Ohio, for the two (2) year period commencing January <br />1, 1997, and terminating December 31, 1998. <br />SECTION 2. The Mayor and President of Council are hereby authorized and <br />directed to enter into a depository agreement with the aforesaid institution for the two (2) <br />year period. <br />SECTION 3. The Director of Finance is hereby authorized to deposit interim funds <br />of the Municipafity in the aforesaid financial institution when such deposits are deemed <br />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 entered <br />into hereunder will reap optimum benefits for funds invested by the Municipality. It shall, <br />therefore, take effect immediately upon passage by the affirmative vote of not less than <br />five (5) members elected to Council and approval by the Niayor or otherwise at the <br />earliest time allowed by law. <br />ARK XLER, <br />Council President <br />First Reading: 2/17 , 1997 <br />Second Reading: susPenaea 1997 <br />Third Reading: suspe, 1997