1981 020 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 81-20 INTRODUCED BY Council as a Whole AN ORDINANCE DESIGNATING THE NATIONAL CITY BANK AS A DEPOSITORY FOR INTERIM FUNDS OF HAYFIELD VILLAGE, OHIO, FOR THE TWO (2) YEAR PERIOD COMMENCTNG APRIL 28, 1981, AUTHORIZING DEPOSITORY AGREEMENT WITH SAID INSTITUTION AND DECLARING AN EMERGENCY. WHEREAS, there are no banking institutions located within the corporate limits of Mayfield Village, Ohio; and WHEREAS, the municipality has on hand certain interim funds iahich should be placed in an interest bearing time deposit; and WHEREAS, the Council desires that the Village secure the most advantageous interest rates paid on time deposits by competing institutions; now, therefore, BE IT ORDAINED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: Section 1. The National City Bank s~~=:hereby designated as a depository for interim funds of Mayfield Village, Ohio for the two (2) year period commencing April 28, 1981 and terminating April 27, 1983. Section 2. The Mayor and Finance Director are hereby authorized and directed to enter into a depository agreement with the aforesaid banking instituti:o.n:'for the two (.2) year period. Section 3. The Finance Director is hereby authorized to deposit interim funds of Mayfield Village, Ohio, in the National City Bank when such deposits are deemed to be advantageous to the municipality. Section 4. This Ordinance is hereby declared to be an emergency measure immediately necessary for the preservation of the health, safety and welfare of the residents of Mayfield Village, Ohio, in that the depository agreement entered into hereunder will reap optimum benefits for monies invested by the municipality. This Ordinance shall therefore take effect immediately upon passage by the affirmative vote of not less than five (~) members elected to Council and approval by the Mayor or otherwise at the earliest time allowed by law. Alan G. Bennett, Council President