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RESOZUTION No. 507 <br />By Mrs. Broian <br />A RESOI.UTION AUTHORIZING SUBSTITUTION OF SECURITIES <br />WHEREAS, to secure the deposit of f unds of the Village of Mayfield <br />in the CENTRAL NATEONAL BANK OF CLEVE'LAND, THE NATIONAL CITY BANK OF CLEVELAND, <br />and THE CLEVELAND TRUST COMPANY, under depository,designations terminatingy <br />pursuant to Ohio Revised Code Section 135.11, on August 23rd, 1963, certain <br />obligations of the United States of America have hitherto been deposited by <br />said banks and are now on deposit with the Federal Reserve Banlc of Cleveland <br />for safe keeping; and <br />WHEREAS, each of said banks has requested this Village to authorize <br />said Federal Reserve Bank of Cleveland to permit substitution of securities <br />in such safe keeping aceounts and this Qillage has determined that such <br />authorizations are feasible and proper on the terms hereinafter set forth. <br />NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE VII,LAGE OF <br />MAYFIELD, CUYAHOGA COUNTY OHIO, THAT: <br />Sec. 1. The Federal Reserve Bank of Cleveland be, and it hereby is, <br />authorized at any time during the period ending August 23td, 1963, to <br />permit the Central National Bank of Cleveland, The National City Banlc of <br />Cleveland and The Cleveland Trust Company, to withdraw any obligations of <br />the United States of America, nor or hereafter, during the aforesaid period, <br />on deposit with the Federal Reserve Bank of Cleveland for sa£e keeping <br />f or the account of said banks and this Village, provided that each of said <br />banlcs shall at the same time deposit in such sa£e tceeping account with the <br />Federal Reserve Bank of Cleveland, in substitution for the obligations so <br />withdrawtt, other. obligations of the United States of America of a principal <br />amount not less than the obligations so withdrawn. <br />Sece 2. The Treasurer of the Village is hereby authorized to certify <br />a copy of this Resolution to the Federal Reserve Bank of Cleveland, the <br />Central National Banlc of Cleveland, the National City Bank of Cleveland, <br />and The Cleveland.Trust Company. <br />Adopted this 21st day of August, 1961. <br />Attest: <br />??"?~?? Al. ` reZZ, 496'e- <br />Mayor - President of Council <br />? .L?J ? A, <br />r