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CITY OF NORTH OLMSTED ORDINANCE NO. 89-104 By: Counci]man Wilamosky AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO CONTRACT'S FOR THE DEPOSIT OF PtTBLIC MONIES WITH THE INSTITUTIONS 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, 1989, and Wf~RFAS, it is now necessary for Council to award the public funds sub- ject 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, 1990, to December 31, 1991, inclusive. NOW, THEREFOR, BE IT ORDAINED BY THE CITY OF NORTH OLMSTED, COUNTY OF CLTYAHOGA, AND STATE OF OHIO: SECTION 1: Council does hereby determine that Ameritrust; Bank One, Cleveland, NA; Cardinal Federal Savings Bank; First Bank National Associa- tion; First Federal Savings and Loan Association of Lakewood., Ohio; First Na- tional Bank of Ashland; First National Bank of Ohio; Huntington National Bank; National City Bank; Ohio Citizens Bank; Ohio Savings Association; Soci- ety National Bank; Transohio Savings Bank; and Women's Federal Savings Bank 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 con- tract with said institutions in accordance with the proposals surmitted thereby for the receipts by said institutions of the public funds of this City in accordance with the provisions of the proposals heretofore sul~nitted and found by Council to ccxnply with the regulations pertaining thereto, which contracts are for the period beginning January 1, 1990, and ending December 31, 1991, 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 suk~iitted and upon due execution and delivery of the sureties and securities tendered, evidence in the contracts hereby authorized to be executed by the City with each depository.