2009-130 Ordinance - Laserfiche WebLink

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,..,.,. ~, CITY OF NORTH OLMSTED ORDINANCE N0.2009-130 BY: Council Member Gareau AN ORDINANCE A UTHORIZING THE MAYOR TO ENTER INTD CONTRACTS FOR THE DEPOSIT OF PUBLIC MONIES WITH THE INSTITUTIONS DESIGNATED BY COUNCIL AS DEPOSITORIES FOR THEACTIVEAND INTERIMACCOUNT OF THE CITY, AND DECLARING AN EMERGENCY. WHEREAS, the contracts presently in existence for the deposit of active and interim accounts of the City expire December 31, 2009, and WHEREAS, it is now necessary for Council to award the public funds subject to its control to be on deposit with the depositories designated by Council as the depositories of public monies of the City during the period of January 1, 2010 to December 31, 2014, inclusive. NOW, THEREFORE, BE IT ORDAINED BY THE CITY OFNORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: SECTION 1: Council does hereby determine that Charter One, a division of RBS Citizens NA, JP Morgan Chase, Fifth Third Bank, First Merit Bank NA, Huntington Bank, Key Bank NA, National City a Subsidiary of PNC, Provident Bank, Third Federal Savings & Loan Association and liS Bank and their successors are eligible institutions for the deposit by the City of North Olmsted of its active and interim accounts and authorizes the Mayor to enter into a contract with said institutions in accordance with the proposals submitted thereby for the receipts by said institutions of the public funds of the city in accordance with the provisions of the proposals heretofore submitted and found by Council to comply with the regulations pertaining thereto, which contracts are for the period beginning January 1, 2010, and ending December 31, 2014, inclusive. SECTION 2: The Director of Finance shall designate the amount of deposits of both the active and interim funds with each said depositories as in her judgment is for the best interests of the City and in the amount determined to be acceptable in accordance with the applications heretofore submitted and upon execution and delivery of the sureties and securities tendered, evidence in the contracts hereby authorized to be executed by the City with each depository.