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?h.?.?..... <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 93-151 <br />BY: Councilman Lind <br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER <br />INTO CONTRACTS FOR THE DEPOSIT OF PUBLIC MONIES <br />WITH THE INSTITUTIONS DESIGNATED BY COUNCIL AS <br />DEPOSITORIES FOR THE ACTIVE AND INTERIM ACCOUNT <br />OF THE CITY. <br />WHEREAS, the contracts presently in existence for the <br />deposit of active and interim accounts of the City expire <br />December 31, 1993, and <br />WHEREAS, it is now necessary for Council to award the <br />public funds subject to its control to be on deposit with <br />the depositories designated by Council as the depositories <br />of public monies of the City during the period of January 1, <br />1994 to December 31, 1995, inclusive. <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH <br />OLMSTED, COUNTY OF CUYAHOGA COUNTY, AND STATE OF OHIO: <br />SECTION l: Council does hereby determine that Bank One <br />Cleveland N.A.; Charter One Bank; First Federal Savings & <br />Loan of Lakewood; First National Bank of Ohio; First <br />Nationwide Bank; Horizon Savings Bank; Huntington National <br />Bank; National City Bank; National City Securities Corp.; <br />Ohio Savings Bank; Society National Bank; and Third Federal <br />Savings & Loan of Cleveland are eligible institutions for <br />the deposit by the City of North Olsmted of its active and <br />interim accounts and authorizes the Mayor to enter into a <br />contract with said institutions in accordance with the <br />proposals submitted thereby for the receipts by said <br />institutions of the public funds of this city in accordance <br />with the provisions of the proposals heretofore submitted <br />and found by Council to comply with the regulations <br />pertaining thereto, which contracts are for the period <br />beginning January 1, 1994, and ending December 31, 1995, <br />inclusive. <br />SECTION 2: The Director of Finance shall designate the <br />amount of deposits of both the active and interim funds with <br />each said depositories as in his judgement is for the best <br />interests of the City and in the amount determined to be <br />acceptable in accordance with the applications heretofore <br />submitted and upon execution and delivery of the sureties <br />and securities tendered, evidence in the contracts hereby <br />authorized to be executed by the City with each depository.