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RESOLUTION N0.98-20 <br />INTRODUCED BY: Mayor Bruce G. Rinker and Council as a Whole <br />AN EMERGENCY RESOLUTION <br />DESIGNATING CERTAIN FINANCIAL INSTITUTIONS A5 <br />DEPOSITORIES FOR INTERIM FUNDS OF HAYFIELD VILLAGE, OHIO <br />FOR THE TWO (2) YEAR PERIOD COMMENCING WITH <br />JANUARY 1,1999, AUTHORIZING DEPOSITORY AGREEMENTS <br />WITH SAID INSTITUTIONS <br />BE IT RESOLVED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: <br />SECTION 1. FirstMerit Bank, NA., Bank One,NA, National City, Star Bank, N.A., <br />Keybank National Association, Fifth-Third Bank, Northeastern Ohio, The Huntington National <br />Bank and STAR Ohio are hereby designated as depositories for interim funds of Mayfield <br />Village, Ohio, for the two (2) ,year period commencing January 1, 1999, and terminating <br />December 31, 2000. <br />SECTION 2. The Mayor and President of Council are hereby authorized and directed to <br />enter into depository agreements with the aforesaid institutions for the two (2) year period. <br />SECTION 3. The Director of Finance is hereby authorized to deposit interim funds of the <br />Municipality in any of the aforesaid financial institutions when such deposits are deemed to be <br />advantageous to the Municipality. <br />SECTION 4. The Council finds and determines that all formal actions of the Council <br />relating to the adoption of this Resolution have been taken at open meetings of this Council; and <br />that deliberations of this Council and of its committees, resulting in such formal action, took <br />place in meetings open to the public in 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 emergency measure necessary <br />for the immediate preservation of the health, safety and welfare of the residents of Mayfield <br />Village, Ohio, for the reason that the depository agreements entered into hereunder will reap <br />optimum benefits for funds invested by the Municipality. It shall, therefore, take effect <br />immediately upon passage by the affirmative vote of not less than five (5) members elected to <br />Council and approval by the Mayor or otherwise at the earliest time allowed by law. <br /> <br />MARK FIXLER <br />Council President <br />