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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 97-91 <br />BY: Councilman Lind <br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER <br />INTO CONTRACTS FOR THE DEPOSIT OF PUBLIC <br />MONIES WITH THE INSTITUTIONS DESIGNATED BY <br />COUNCIL AS DEPOSITORIES FOR THE ACTIVE AND <br />INTERIM ACCOUNT OF THE CITY. <br />WHEREAS, the contracts presently in existence for the deposit of active and <br />interim accounts of the City expire December 31, 1997, and <br />WHEREAS, it is now necessary for Council to award the public funds subject to <br />its control to be on deposit with the depositories designated by Council as the depositories <br />of public monies of the City during the period of January 1, 1998 to December 31, 1999, <br />inclusive. <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 Bank One Cleveland N.A.; <br />Charter One Bank; Fifth Third Bank; First Federal Savings & Loan of Lakewood; First <br />National Bank of Ohio; Huntington National Bank; National City Bank; NatCity <br />Investments; Ohio Savings Bank; Republic Savings Bank; Key Bank NA; and Third <br />Federal Savings & Loan of Cleveland and their successors are eligible institutions for the <br />deposit by the City of North Olmsted of its active and interim accounts and authorizes the <br />Mayor to enter into a contract with said institutions in accordance with the proposals <br />submitted thereby for the receipts by said institutions of the public funds of the city in <br />accordance with he provisions of the proposals heretofore submitted and found by Council <br />to comply with the regulations pertaining thereto, which contracts are for the period <br />beginning January 1, 1998, and ending December 31, 1999, inclusive. <br />SECTION 2: The Director of Finance shall designate the amount of deposits of <br />both the active and interim funds with each said depositories as in his judgment is for the <br />best interests of the City and in the amount determined to be acceptable in accordance <br />with the applications heretofore submitted and upon execution and delivery of the sureties <br />and securities tendered, evidence in the contracts hereby authorized to be executed by the <br />City with each depository. <br />I I <br />