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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 99-161 <br />BY: Councilman O'Grady <br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER <br />1NT0 CONTRACTS FOR THE DEPOSIT OF PUBLIC MONIES <br />WITH THE 1NSTITUTIONS DESIGNATED BY COUNCIL AS <br />DEPOSITORiES FOR THE ACTIVE AND 1NTERIM ACCOUNT <br />OF THE CITY AS AMENDED. <br />WHEREAS, the contracts presently in existence for the deposit of active and <br />interim accounts of the City expire December 31, 1999, 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 depositories <br />of public monies of the City during the period of January 1, 2000 to December 31, 2004, <br />inclusive. <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NURTH <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; Commerce Exchange Bank, Fifth Third Bank; First Federal Savings & <br />Loan of Lakewood; First Merit Bank, NA, Firstar, Huntington Bank; National City Bank; <br />Ohio Savings Bank; Provident Bank, Republic Bank; Key Bank NA; and Third Federal <br />Savings & Loan Association and their successors are eligible institutions for the deposit by <br />the City of North Olmsted of its active and interim accounts and authorizes the Mayor to <br />enter into a contract with said institutions in accordance with the proposals submitted <br />thereby for the receipts by said institutions of the public funds of the city in accordance <br />with he provisions of the proposals heretofore submitted and found by Council to comply <br />with the regulations pertaining thereto, which contracts are for the period beginning <br />January 1, 2000, and ending December 31, 2004, 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 judgrnent 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 sureties <br />and securities tendered, evidence in the contracts hereby authorized to be executed by the <br />City with each depository. <br />,..?. <br />? ?4. ?...?,.:...?. , .?, u .