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RESOLUTION NO. 2020-15 <br />INTRODUCED BY: Mayor Brenda T. Bodnar <br />AN EMERGENCY RESOLUTION <br />DESIGNATING CERTAIN FINANCIAL INSTITUTIONS <br />AS DEPOSITORIES FOR INTERIM FUNDS <br />OF MAYFIELD VILLAGE, OHIO <br />FOR THE PERIOD COMMENCING WITH <br />FEBRUARY 19, 2020 AND TERMINATING DECEMBER 31, 2020 <br />BE IT RESOLVED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, <br />THAT: <br />SECTION 1. Wells Fargo Advisors is hereby designated as a depository for <br />interim funds of Mayfield Village, Ohio, for the period commencing February 19, 2020 <br />and terminating December 31, 2020. <br />SECTION 2. The Mayor and President of Council are hereby authorized and <br />directed to enter into a depository agreement with Wells Fargo Advisors for the period set <br />forth above. <br />SECTION 3. The Director of Finance is hereby authorized to deposit interim <br />funds of the Municipality in Wells Fargo Advisors 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 <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 agreement entered <br />into with Wells Fargo Advisors will reap optimum benefits for funds invested by the <br />Municipality. It shall, therefore, take effect immediately upon passage by the affirmative <br />