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CITY OF NORTH OI1`ISTED <br />ORDINANCE N0. 85 - 129 <br />BY: MR. WILANlDSKY <br />First reading: / <br />Second reading: ? ,s- <br />'I'hird reading : ?.f <br />AN ORDINMCE AU'1H0RIZING Tf-iE MAYOR TO ENTER IN'I+0 CONTRACI'S FOR <br />'I'f3E DEPOSIT OF PUBLIC MpNIES WITH TfE IlVSTITUTIONS DESICNATID <br />BY COUNCIL AS DEPOSITORIES FOR TfiE AGTIVE AND INTERIM ACCOUNTS <br />OF THE CITY, AS AMENDID. <br />Vn1'.RE.AS, the contracts presently in existence for the deposit of active <br />and interim accounts of the City expire December 31, 1985, and <br />WfEREA.S, it is now necessary for Council to award the public funds subject <br />to its control to be on deposit with the depositories designated by Council as the <br />depositories of public nxonies of the City during the period of January l, 1986, to <br />December 31, 1987, inclusive. <br />NOWW, TMU]FORE, BE IT ORDA= BY THE COUNCIL OF THE CITY OF NORTfi OINLSTED, <br />STATE OF OHIO: <br />SECTION l: Council does hereby determine that Ameritrust; Central National <br />Bank; Ba.nk One, Cleveland, NA; Cardinal Federal Savings Bank; First Bank National Associa- <br />tion; First Federal Savings and Loan Association of Lakewood, Ohio; First Nationa.l Bank <br />of Ashland; First National Bank of Ohio; Huntington National Bank; Nationsl City Bank; <br />Ohio Citizens Bank; Ohio Savings Association; Society National Bank; Transohio Savings <br />Bank; and Wanen's Federal Sa.vings Bank are eligi.ble institutions for the deposit by the <br />City of North Olmsted of its active and interim accounts and authorizes the Mayor to enter <br />into a contract with said institutions in accordance with the proposals submitted thereby <br />for the receipts by said institutions of the public funds of this City in accordance with <br />the pravisions of the proposals heretofore su}mitted and found by Council to ccxnply with <br />the regulations pertaining thereto, which contracts are for the period beginning January <br />l, 1986, and ending December 31, 1987, inclusive. <br />SECI'ION 2: The Director of Finance shall designate the ampunt of deposits <br />of both the active and interim funds with each said depositories as in his judgment <br />is for the best interests of the City and in the amounts determined to be acceptable <br />in accordance with the applications heretofore sulmitted and upon due execution and <br />delivery of the sureties and securities tendered, evidence in the contracts hereby <br />authorized to be executed by the City with each depository. <br />SEGTION 3: 'I'his Ordinance shall take immdiate effect and be in force <br />at the earliest date pezmitted by Article N, Section 12, of the Charter of the City <br />of North Olmsted. <br />PASSID : L/fz /9 •§' <br />ATl'EST : <br />Au"? ?-- 242 ??? - 4 3 <br />FLORIINCE E. C.ANIl.'BELL, . C <br />OF OOUNCIL D. , PRESIDENT OF COUNCIL <br />APPROVED : -d S ` <br />? <br />RO W. SWIETYNICJWSKI, MAY