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CITY OF NORTH OLMSTED ORDINANCE NO. 95-153 BY: Councilman Lind AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO CONTRACTS FOR THE DEPOSI'T OF PUBLIC MONIES WITH THE 1NSTITUTIONS DESIGNATED BY COUNCIL AS DEPOSITORIES FOR THE ACTIVE AND INTERIM ACCOUNT OF THE CITY. WHEREAS, the contracts presently in existence for the deposit of active and interim accounts of the City expire December 31, 1995, and WHEREAS, it is now necessary for Council to award the public funds subject to its control to be on deposit with the depositories designated by Council as the depositories of public monies of the City during the period of January 1, 1996 to December 31, 1997, inclusive. NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: SECTION 1: Council does hereby determine that Bank One Cleveland N.A.; Charter One Bank; Fifth Third Bank; First Federal Savings & Loan of Lakewood; First National Bank of Ohio; Huntington National Bank; National City Securities Corp.; Ohio Savings Bank; Republic Savings Bank; Society National Bank; and Third Federal Savings & Loan of Cleveland and their successors are eligible institutions for the deposit by the City of North Olmsted of its active and interim accounts and authorizes the Mayor to enter into a contract with said institutions in accordance with the proposals submitted thereby for the receipts by said institutions of the public funds of the city in accordance with he provisions of the proposals heretofore submitted and found by Council to comply with the regulations pertaining thereto, which contracts are for the period beginning January 1, 1996, and ending December 31, 1997, inclusive. SECTION 2: The Director of Finance shall designate the amount of deposits of both the active and interim funds with each said depositories as in his judgement is for the best interests of the City and in the amount determined to be acceptable in accordance with the applications heretofore submitted and upon execution and delivery of the sureties and securities tendered, evidence in the contracts hereby authorized to be executed by the City with each depository.