72-003 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 72 - 3 AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A CONTRACT FOR THE DEPOSIT OF PUBLIC MONIES WITH THE INSTITUTIONS DESIGNATED BY COUNCIL AS ®EPOSITORIES FOR THE ACTIVE AND INACTIVE ACCOUNTS OF THE CITY, AND DECLARING AN EMERGENCY. WHEREAS, the contracts presently in existence, designating and contracting with the National City Bank of Cleveland, The Cleveland Trust Company, The Society National Bank, Union Commerce Bank and the Capital National Bank as the depositories of the active and inactive deposits of the City, expired December 31, 1971, and WHEREAS, now it is necessary for Council to award the public funds subject to its control to be on deposit with the depositories de- signated by Council as the depositories of public monies of the City during the period of January 1, 1972, to December 31, 1973. NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, State of Ohio: Section 1. Council does hereby determine that the National City Bank of Cleveland, The Cleveland Trust Company, The Society National Bank, Union Commerce Bank, and The Capital National Bank are eligible institutions for the deposit by the City of North Olmsted of its active and inactive 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 this City in accordance with the provisions of law and in accordance with the 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, 1972, and ending December 31, 1973. The Director of Finance shall designate the amount of deposits of both the active and inactive funds with each of said depositories as in his judgment is for the best interests of the City and in the amounts determined to be acceptable in accordance with the applications heretofore submitted and, upon due execution and delivery of the sureties and securities tendered, evidenced in the contract hereby authorized to be and executed by the City with each depository. Section 2. Council determines this ordinance an emergency measure as the present contracts with The National City Bank, The Cleveland Trust Company, The Society National Bank, Union Commerce Bank and The Gapital National Bank, heretofore designated as the depositories of the active and inactive funds of the City, expired December 31, 1971, and a public depository or depositories for the City funds is necessary for the protection of the municipal affairs, commencing January 1, 1972, and for the period expiring December 31, 1973. Section 3. WHEREFORE, this ordinance shall take immediate effect from and after its passage, otherwise, at the earliest period allowed by law. PASSED :G/~ ,,,~~ ATTEST NORA T. HILL, CLERK OF COUNCIL FRANCIS J. O'NEIL PR SIDENT OF COUNCIL APPROVED: // ~/ '7„~ RALPH CHRISTMAN, MAYOR ~.- ..... 4 „ ~ _ ...