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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2012 - 105 <br />BY: Mayor Kennedy <br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO <br />CONTRACTS FOR THE DEPOSIT OF PUBLIC MONIES WITH <br />THE INSTITUTIONS DESIGNATED BY COUNCIL AS <br />DEPOSITORIES FOR THE ACTIVE AND INTERIM ACCOUNT OF <br />THE CITY, AND DECLARING AN EMERGENCY. <br />WHEREAS, the contracts presently in existence for the deposit of active and <br />interim accounts of the City expire December 31, 2014; and <br />WHEREAS, it is now necessary for Council to amend, clarify and restate the <br />depositories designated by Council as the depositories of public monies of the City during <br />the period of January 1, 2010 to December 31, 2014, by adding PNC Bank and Star Ohio <br />(including Star Plus) to the list of designated depositories. <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH <br />OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: <br />SECTION 1: Council does hereby determine that Charter One, a division of RBS <br />Citizens NA, JP Morgan Chase, Fifth Third Bank, First Merit Bank NA, Huntington <br />Bank, Key Bank NA, PNC Bank, Provident Bank, Third Federal Savings & Loan <br />Association, US Bank and Star Ohio (including Star Plus), and their successors are <br />eligible institutions for the deposit by the City of North Olmsted of its active and interim <br />accounts and authorizes the Mayor to enter into a contract with said institutions in <br />accordance with the proposals submitted thereby for the receipt by said institutions of the <br />public funds of the city in accordance with the provisions of the proposals heretofore <br />submitted, which contracts are for the period beginning January 1, 2010, and ending <br />December 31, 2014, inclusive. <br />SECTION 2: The Director of Finance shall designate the amount of deposits of <br />both the active and interim funds with each depository as in her judgment is for the best <br />interests of the City and in the amount determined to be acceptable in accordance with the <br />applications heretofore submitted and upon execution and delivery of the sureties and <br />securities tendered, evidence in the contracts hereby authorized to be executed by the City <br />with each depository.