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<br />RESOLUTION N0. <br />INTRODUCED BY: <br />83 - 3 <br />Mayor Robert G. Beebe' <br />A RESOLUTION DESIGNATING CUYAHOGA <br />SAVINGS ASSOCIATION AS A DEPOSITORY <br />FOR INTERIM FUNDS OF HAYFIELD <br />VILLAGE, OHIO, FOR THE TWO YEAR <br />PERIOD COhTMENCING WITH THE <br />EFFECTIVE DATE OF THIS RESOLUTION, <br />AUTHORIZING DEPOSITORY AGREEMENTS <br />WITH SAID INSTITUTION ARID DECLARING <br />AN EMERGENCY. <br />1 <br />4 <br />~~ <br />i, <br />WHEREAS, the Municipality currently has in effect depository <br />agreements with several financial institutions; and <br />WHEREAS, the Municipality currently has on hand certain <br />interim funds which should be placed in interest bearing time <br />deposits; and <br />WHEREAS, upon the advice of the Finance Director, the Mayor <br />and Council of the Municipality have determined that it is in the best <br />interests of the Municipality to add an additional financial institu- <br />tion as a designated depository in order to be able to "shop" for the <br />best interest rates available; now, therefore, . <br />BE IT RESOLVED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: <br />Section 1. Cuyahoga Savings Association is hereby <br />designated as a depository for interim funds of Mayfield Village, Ohio <br />for the two (2) year period commencing with the effective date of this <br />Resolution. <br />Section 2. The Mayor and Director of Finance are hereby <br />authorized and directed to enter into a depository contract for the <br />aforesaid two (2) year period with Cuyahoga Savings Association. <br />Section 3. The Director of Finance is hereby authorized <br />to deposit interim funds of the Municipality in Cuyahoga Savings <br />Association when such deposits are deemed to be advantageous to the <br />Municipality. <br />Section 4. That the Council finds and determines that all <br />formal actions of this Council relating to the adoption of this <br />Resolution have been taken at open meetings of this Council; and that <br />deliberations of this Council and of its committees, resulting in.such <br />formal action, took place in meetings open to the public, in <br />compliance with all statutory requirements, including the requirements <br />of Section 121.22 of the Ohio Revised Code. <br />