|
<br />CITY OF NORTH OLMSTED
<br />ORDINANCE N0. 70 - ,~
<br />BY : ,~~~
<br />AN ORDINANCE AUTHORIZING TWE MAYOR TO ENTER INTO A
<br />CONTRACT FOR THB DEPOSIT OF PUBLIC MONIES WITH THE
<br />INSTITUTIONS DESIGNATED BY COUNCIL AS DEPOSITORIES
<br />FOR THE ACTIVE AND INACTIVE ACCOUNTS OF THE CITY,
<br />AND DECLARING AN EMERGENCY,
<br />WHEREAS, the contracts presently in existence, designating and
<br />contracting with lEhe National City Bank of Cleveland, The Cleveland Trust
<br />Company, The Society National Bank, Union Commerce Bank and the Capital
<br />National Bank as the de~-psitories of the active and inactive deposits of
<br />the City, expired December 31, 1969, and
<br />WHEREAS, now it is
<br />funds subject to its control
<br />signated by Council as the d~
<br />during the period of January
<br />deposits shall be designated
<br />by Sections 135.01 to 13S•23
<br />necessary for Council to award the public
<br />to be on deposit with the depositories de-
<br />~positories of public monies of the City
<br />1, 1970, to December 31, 1971, and which
<br />as inactive and active deposits as provided
<br />R.C. ,
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
<br />North Olmsted, State of Ohio:
<br />Section 1. Council does hereby determine that the National
<br />City Bank of Cleveland, The Cleveland Trust Company, The Society National
<br />Bank, Union Commerce Bank, and The Capital National Bank are eligible
<br />institutions for the deposit by the City of North Olmsted of its active
<br />and inactive accounts and authorizes the Mayor to enter into a contract
<br />with said institutions in accordance with the proposals submitted thereby
<br />for the receipts by said institutions of the public funds of this City
<br />in accordance with the provisions of law and in accordance with the
<br />provisions of the proposals heretofore submitted and found by Council to
<br />comply with the regulations pertaining thereto, which contracts are for
<br />the period beginning January 1, 1970, and ending December 31, 1971.
<br />The Director of Finance shall designate the amount of deposits
<br />of both the active and inactive funds with each of said depositories as
<br />in his judgment is for the best interests of the City and in the amounts
<br />determined to be acceptable in accordance with the applications heretofore
<br />submitted and, upon due execution and delivery of the sureties and securities
<br />tendered, evidenced in the contract hereby authorized to be and executed by
<br />the City with each depository.
<br />Section 2. Council determines this ordinance an emergency measure
<br />as the present contracts with The National City Bank, The Cleveland Trust
<br />Company, The Society National Bank, Union Commerce Bank and The Capital
<br />National Bank, heretofore designated as the depositories of the active and
<br />inactive funds of the City, expired December 3l, 1969, and a public depository
<br />or depositories for the City funds is necessary for the protection of the
<br />municipal affairs, commencing January 1, 1970, and for the period expiring
<br />December 31, 1971.
<br />Section 3. WHEREFORE, this ordinance shall take immediate effect
<br />from and after its passage, otherwise, at the earliest period allowed by law.
<br />PASSED : ~~' G.,~D
<br />ATTEST:
<br />'~ Q-~-C~
<br />NORA T. HILL, CLERK OF COUNCIL FRANCIS, J. 0'N LL PRESIDENT OF COUNCIL
<br />APPROVED: //~ /~~
<br />RALPH CHRISTMAN, MAYOR
<br />
<br />
|