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ORDINANCE NO, 81- 58 <br />INTRODUCED BY: Mayor & Council as a Whole <br />AN ORDINANCE DESIGNATING CENTRAL BANK, UNION <br />COMMERCE BANK, AND THE BROADVIEW SAVINGS & LOAN <br />CO. AS DEPOSITORIES FOR CERTAIN INTERIM AND <br />ACTIVE FUNDS OF HAYFIELD VILLAGE, OHIO, FOR THE <br />TWO (2) YEAR PERIOD COMMENCING NOVEMBER 26, 1981 <br />AND ENDING NOVEMBER 25, 1983, AUTHORIZING <br />DEPOSITORY AGREEMENTS WITH SAID INSTITUTIONS AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, there are no banking institutions located within <br />the corporate limits of Mayfield Village,- Ohio; and <br />WHEREAS, there is only one savings and loan association <br />located within the corporate limits of Mayfield Village, Ohio; and <br />WHEREAS, Council desires to provide the Finance Director with <br />the opportunity to obtain the best possible return on investment <br />of municipal funds; now, therefore, <br />BE IT ORDAINED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THATe <br />Section 1. Central Bank, Union Commerce Bank and Broadview <br />Savings & Loan Co. are hereby designated as depositories for certain <br />active and interim funds of Mayfield Village, Ohio, for the two (2) <br />year period commencing November 26, 1981 and ending November 25, 1983. <br />Section 2. The Mayor and Finance Director are hereby authorized, <br />empowered and directed to enter into depository agreements with the <br />aforesaid financial institutions for the two (2) year period designated. <br />Section 3. The Finance Director is hereby authorized to <br />deposit interim and active funds of Mayfield Village, Ohio, in any <br />of the aforementioned financial institutions when such deposit is <br />deemed to be advantageous to the municipality. <br />Section 4. Council finds and determines that all formal actions <br />of this Council relating to the adoption of this Ord°inan.ce have been <br />taken at open meetings of this Council; and that deliberations of <br />this Council and of its committees, resulting in such formal action, <br />took place in meetings open to the public, in compliance with all <br />statutory requirements, including the requirements of Section 121.22 <br />of the Ohio Revised Code. <br />Section 5. This Ordinance is hereby declared to be an <br />emergency measure immediately necessary for the preservation of the <br />health, .safety and welfare of the residents of Mayfield Village, Ohio, <br />in that the depository agreements authorized herein will reap optimum <br />