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REsoZVTZON rro. ? <br />By Mr. Wedler <br />A RESOLUTTON APPROVING A CONTRACT FOR DEPOSIT OF <br />INACTIVE. F[JNDS IN CEIVTRAL NATI ONAL, BANK OF CLEVEIAND <br />WHEaEASg 'I'he Village oE Mayfaeld Ohio has funds in the Water Main <br />Construction Frand which are known as inactive Eunds in that they will not <br />be reQuired £or use by the Village for a period of si.x moraths and said <br />Eunds are now on deposa.t withont payr?ent of any.interest to the Village, and <br />WHEREAS' Central National Bank of C1evelamde a National Banking <br />AssociationA organized under the laws of the United States of America and <br />authorized to transact busines in the State of Ohio, has submitted to the <br />Village of Mayfield a contract for deposit of inactive public Enndsa dated <br />June 19, 1961, which contract is for a period of siac moaths beginning June <br />309 1961 s but renewablo._ f or additional periods of si.x months each up to <br />June 30, 1963Q but is subject to witndrawal o£ funds by the Village on <br />90 dayst written notice, and said contract further provides f or payment <br />of inteaest at 2-1/2% per anntam, wit'sc the further provi.sion that any funds <br />le£t on deposit for a Eull period of six months shall earn an additi.onal <br />interest at the rate of 1/2 of 1% per annums <br />, NIOW TEiFREFORE BE IT RESO'LVED BY THE COUNCIIa OF THE VTI.LAGE OF <br />MAYFIELD9 CUYAHOGA COUNTY OHIO9 THATS_ <br />Sec. 1. The Mavor and the Glerk of the Village of May£ield are <br />hereby authorized on behalf of the Village to etitea° into a contract with <br />? Central Natfonal Bank of C1eveland for the deposit of inactive public funds <br />ota the teams hereinabove stated and in accordance with the contract dated <br />; June 2.91a 1961, submitted by Central National Banlc of Cleveland. <br />Sec. 2, The Village Clerk is hereby authorized to eertify a copy <br />of this Resolution to Central National Bank of Cleveland. <br />Sec. 3. This Resolution is hereby deemed to be an emergency <br />; measure, necessary :Eor the immediate presexvation of the public peace, health, <br />? safety and raelfare of the Va.llage of Mayfield and its inhabitants in order <br />i that inactive funds of the Village may earn interest and bring needed revenue <br />; to th.e Villages and this resolution shall.be in £orce and go into effect <br />j immediately upon the date of its adoption* <br />Adopted this 19th day of Junea 1961. <br />Attests <br />?????/'???? C ? f ?' O?`??2 <br />Mayor - President of Council <br />(S lerk