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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2004 - 194 <br />BY: Council Member Kasler <br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER <br />INTO CONTRACTS FOR THE DEPOSIT OF PUBLIC MONIES <br />WITH THE INSTITUTIONS DESIGNATED BY COUNCIL AS <br />DEPOSITORIES FOR THE ACTIVE AND INTERIM ACCOUNT <br />OF THE CITY. <br />WHEREAS, the contracts presently in existence for the deposit of active and <br />interim accounts of the City expire December 31, 2004, and <br />WHEREAS, it is now necessary for Council to award the public funds subject to <br />its control to be on deposit with the depositories designated by Council as the <br />depositories of public monies of the City during the period of January 1, 2005 to <br />December 31, 2009, inclusive. <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH <br />OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: <br />SECTION 1: Council does hereby determine that Bank One Cleveland N.A., <br />Charter One Bank, Fifth Third Bank, First Federal Savings & Loan of Lakewood, First <br />Merit Bank NA, Huntington Bank, Key Bank NA, National City Bank, Ohio Savings <br />Bank, Provident Bank, Sky Bank, Third Federal Savings & Loan Association and US <br />Bank and their successors are eligible institutions for the deposit by the City of North <br />Olmsted of its active and interim accounts and authorizes the Mayor to enter into a <br />contract with said institutions in accordance with the proposals submitted thereby for the <br />receipts by said institutions of the public funds of the city in accordance with the <br />provisions of the proposals heretofore submitted and found by Council to comply with <br />the regulations pertaining thereto, which contracts are for the period beginning January 1, <br />2005, and ending December 31, 2009, inclusive. <br />SECTION 2: The Director of Finance shall designate the amount of deposits of <br />both the active and interim funds with each said depositories as in her judgment is for the <br />best interests of the City and in the amount determined to be acceptable in accordance <br />with the applications heretofore submitted and upon execution and delivery of the <br />sureties and securities tendered, evidence in the contracts hereby authorized to be <br />executed by the City with each depository.