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CITY OF NORTH OLMSTED
<br />ORDINANCE N0. ',~ Z
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<br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A
<br />CONTRACT FOR THE DEPOSIT OF PUBLIC MONIES WITH THE
<br />INSTITUTIONS DESIGNATED BY COUNCIL AS DEPOSITORIES
<br />FOR THE ACTIVE AND 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, 1973, 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 de-
<br />signated by Council as the depositories of public monies of the City
<br />during the period of January 1, 1974 to December 31, 1975.
<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 />of the public funds of this City in accordance with the provisions of law
<br />and 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, 1974, and ending
<br />December 31, 1975.
<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 secutities
<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 />from and after its passage, otherwise, at the earliest period allowed by law.
<br />PASSED : \~iG~ o~
<br />ATTEST:
<br />NORA T. HILL, CLE,R,K, /OF COUNCIL
<br />APPROVED : ~ /~//~-
<br />RALPH g CHRISTMAN, MAYOR
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<br />FRANCIS J. 0' LL PRESIDENT OF COUNCIL
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