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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2007 - 104 <br />BY: Mayor O'Grady <br />AN ORDINANCE A UTHORIZING THE MA YOR TO ENTER <br />INTO A CONTRACT FOR THE DEPOSIT OF PUBLIC <br />MONIES WITH CITIZENS BANK DESIGNATED BY <br />CDUNCIL AS AN ADDITIONAL DEPOSITORYFOR THE <br />ACTIVE AND INTERIM DEPOSITS OF THE CITY. <br />WHEREAS, this Council previously adopted Ordinance No. 2004-194, providing <br />for the designation of a number of banks and other financial institutions to serve as <br />depositories for the active and interim deposits of the City for the period January l, 2005 <br />through December 31, 2009, as provided for by ORC Section 135.12; and <br />WHEREAS, the Director of Finance recommends that Council designate Citizens <br />Bank as an additional depository of public monies; and <br />WHEREAS, this Council finds, based upon the recommendation of the Director <br />of Finance, that it is in the best interests of the City to designate Citizens Bank as an <br />additional depository of public monies of the City for the balance of the period set forth <br />above and as established by Ordinance No. 2004-194; <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH <br />OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: <br />SECTION 1: That this Council does hereby determine and designate that <br />Citizens Bank and its successors are, in addition to the other banks and other financial <br />institutions set forth in Ordinance No. 2004-194, eligible for the deposit by the City of <br />North Olmsted of its active and interim deposits, and further authorizes the Mayar to <br />enter into a contract with said institution in accordance with tlle proposal submitted for <br />the receipt by said institution of the public funds of the City in accordance with the <br />provisions of the proposal heretofore submitted and found by Council to comply with the <br />regulations pertaining thereto, which contract shall be for the period beginning with the <br />effective date of this Ordinance and ending at midnight on December 31, 2009. <br />SECTION 2: That, as provided for in Ordinance No. 2004-194, the Director of <br />Finance shall designate the amount of deposits of both the active and interim funds with <br />said additional depository as in her judgment is in the best interests of the City and in the <br />amount determined to be acceptable in accordance with the application heretofore <br />submitted and upon execution and delivery of the sureties and securities tendered, <br />evidenced by the contracts herein authorized to be executed by the City with said <br />additional depository. <br />