Laserfiche WebLink
ORDINANCE NO. 81-46 (As Amended) <br />INTRODUCED BY: Council as a Whole <br />AN ORDINANCE DESIGNATING SOCIETY NATIONAL <br />BANK AS A DEPOSITORY FOR INTERIM AND ACTIVE <br />FUNDS OF HAYFIELD VILLAGE, OHIO, FOR THE <br />TWO (2) YEAR PERIOD COMMENCING SEPTEMBER 15, <br />1981 AND TERMINATING SEPTEMBER 14, 1983, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, the municipality currently has on hand certain <br />interim and active funds which should be placed in an interest <br />bearing time deposit, such funds being in an amount less than <br />One Hundred Thousand Dollars ($100,000.00); and <br />WHEREAS, only certain banking and financial institutions <br />will accept amounts less than One Hundred Thousand Dollars <br />($100,000.00) in interest bearing time deposits at rates favorable <br />to the municipality; and <br />WHEREAS, Society National Bank will accept funds less than <br />One Hundred Thousand Dollars ($100,000.00) in an interest bearing <br />time deposit at~the most advantageous interest rate to the <br />municipality; and <br />WHEREAS, there are no banks located within the corporate <br />limits of Mayfield Village, .Ohio; now, therefore, <br />BE IT ORDAINED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: <br />Section 1. Society National Bank is hereby designated as <br />a depository for interim and active funds of Mayfield Village, <br />Ohio, for the two (2) year period commencing September 15, 1981 <br />and terminating September 14, 1983. <br />Section 2. The Mayor and Finance Director axe hereby <br />authorized, empowered and directed to enter into a depository <br />contract for the aforesaid two (2) year period with Society National <br />Bank. <br />Section 3. The Finance Director is hereby authorized to <br />deposit interim and active funds of Mayfield Village, Ohio, in <br />Society National Bank when such deposit is deemed to be advantageous <br />to the municipality. <br />Section 4. This Ordinance is hereby declared to be an <br />emergency measure immediately necessary for the preservation of <br />the health, safety, and welfare of the residents of Mayfield Village, <br />Ohio, in that the depository agreement entered into hereunder will <br />