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,"-_ <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 81-130 <br />BY : A/ 1.4u <br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER <br />INTO A CONTRACT FOR THE DEPOSIT OF PUBLIC <br />MONIES WITH THE INSTITUTIONS DESIGNATED BY <br />COUNCIL AS DEPOSITORIES FOR THE ACTIVE AND <br />INTERIM ACCOUNTS OF THE CITY. <br />WHEREAS, the contracts presently in existence, designating and <br />contracting with the National City Bank of Cleveland, AmeriTrust Company, <br />The Society National Bank, Union Commerce Bank, BancOhio National Bank, <br />First Bank National Association, Shaker Savings Association, and Ohio Savings <br />Association as the depositories of the active and interim deposits of the City, <br />expire December 31, 1981, and <br />WHEREAS, now it is necessary for Council to award the public <br />funds subject to its control to be on deposit with the depositories <br />designated by Council as the depositories of public monies of the City <br />during the period of January 1, 1982 to December 31, 1983. <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 City <br />Bank of Cleveland, AmeriTrust Company, The Society National Bank, Union <br />Commerce Bank, BancOhio National Bank, First Bank National Association, <br />Euclid National Bank and Central National Bank, are eligible institutions <br />for the deposit by the City of North Olmsted of its active accounts and <br />authorizes the Mayor to enter into a contract with said institutions in <br />accordance with the proposals submitted thereby for the receipts by said <br />institutions of the public funds of this City in accordance with the provisions <br />of law and in accordance with the provisions of the proposals heretofore <br />submitted and found by Council to comply with the regulations pertaining <br />thereto, which contracts are for the period beginning January 1, 1982 and <br />ending December 31, 1983. <br />Section 2. Council does hereby determine that the National City <br />Bank of Cleveland, AmeriTrust Company, The Society National Bank, Union <br />Commerce Bank, BancOhio National Bank, First Bank National Association, <br />Ohio Savings Association, Euclid National Bank, Central National Bank, and <br />Citizens Federal Savings & Loan Association of Cleveland, are eligible <br />institutions for the deposit by the City of North Olmsted of its interim funds <br />and authorizes the Mayor to enter into a contract with said institutions in <br />accordance with the proposals submitted thereby for the receipts by said <br />institutions of the public funds of this City in accordance with the provisions <br />of law and in accordance with the provisions of the proposals heretofore <br />submitted and found by Council to comply with the regulations pertaining thereto <br />which contracts are for the period beginning January l, 1982 and ending <br />December 31, 1983. <br />Section 3. The Director of Finance shall designate the amount of <br />deposits of both the active and interim funds with each of said depositories <br />as in his judgement 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 contracts hereby authorized to be and executed by <br />the City with each depository.