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<br /> <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 76 - 2 <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 />INACTIVE ACCOUNTS OF THE CITY. <br />WHEREAS, the contracts presently in existence, designating and <br />contracting with the National City Bank of Cleveland, The Cleveland Trust <br />Company, The Society National Bank, Union Commerce Bank and the Capital <br />National Bank as the depositories of the active and inactive deposits of <br />the City, expired December 31, 1975, 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, 1976 to December 31, 1977. <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 <br />City Bank of Cleveland, The Cleveland Trust Company, The Society National <br />Bank, Union Commerce Bank, Community National Bank, and the Capital <br />National Bank are eligible institutions for the deposit by the City of <br />North Olmsted of its active and inactive accounts and authorizes the Mayor <br />to enter into a contract with said institutions in accordance with the <br />proposals submitted thereby for the receipts by said institutions of the <br />public funds of this City in accordance with the provisions of law and <br />in accordance with the provisions of the proposals heretofore submitted <br />and found by Council to comply with the regulations pertaining thereto, <br />which contracts are for the period beginning January 1, 1976, and ending <br />December 31, 1977. <br />The Director of Finance shall designate the amount of deposits <br />of both the active and inactive funds with each of said depositories as <br />in his judgment 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 contract hereby authorized to be and executed by <br />the City with each depository. <br />Section 2. WHEREFORE, this ordinance shall take immediate effect <br />and be in force at the earliest date permitted by Article IV, Section 12, <br />of the Charter of the City of North Olmsted. <br />PASSED: ~ ~G~ <br />ATTEST: <br />G~C.rc-t~t~.J <br />Nora T. Hill, Clerk of Council D y E. Limpert, President o ouncil <br />APPROVED: j,~.~,/~7` <br />a~~b <br />Ral E. Christman, Mayor <br />DATE: <br /> <br /> <br />