Laserfiche WebLink
RESOLUTION N0. ~,,~~ <br />BY : Mr. ~~'/J-v~..o ~ RESOLUTION ESTINIATTNG AMOUNT <br />OF ACTIVE FUNDS AND DESIGNATING <br />DEPOSITORY FOR SUCH FUNDS. <br />WHEREAS, the contract between the City of North O1ffisted, <br />Ohio, and The National City Bank of Cleveland, Ohio, providing for <br />the deposit of the active funds of said City in said bank will ex- <br />pire January 2, 195, and <br />WHEREAS, it is necessary that this Council designate an <br />official depository for the active funds of the City, and <br />WHEREAS, it is estimated that the maximum amount of such <br />funds on deposit at any time during said period will be appreaimately <br />~30O,000.00, and <br />WHEREAS, The National City Bank of Cleveland.., Ohio, has <br />filed its application to become de~sit®ry for said funds. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY <br />OF NORTH OLMSTED, STATE OF OHIO, that <br />Section 1. That Rhe National City Hank of Cleveland, Ohio, <br />North Olmsted~C five, be and it is hereby designated ~s depository for <br />all of the active funds for the City of North Olmsted, for and during <br />the two year period beginning January 2, 195$ and ending January 1, <br />1960. <br />He it further resolved that said depository shall deposit <br />with the Treasurer of said City as security for the repayment of al~_ <br />ac~iv® ffiAnies deposited with it during said period proper and suf- <br />ficient securities as provided by the Saws of the State of Ohio. <br />The application to become depository of the active funds <br />of the City submitted to this Council by The National City Bank of <br />Cleveland, Ohio, and attached hereto and this Resolution designating <br />the Sank as such depository shall be deemed a contract between said <br />Hank and the City of North Olmsted, Ohio, and be a valid and binding <br />obligation on said parties for the period beginning January 2, 195$, <br />and ending January 1, 1960. <br />Section 2. This is an emergency measure necessary for the <br />preservation of the public health, peace and welfare and to provide <br />for a depository for the active funds of said City. <br /> <br />ATTT <br />E. C istma , Cler o ounci <br />'~~ 1 <br />resident <br />of Council. <br />APPROVED: <br />yor <br />...~,~~,..,.~.,....:~,... ~..,~ ., . f <br />I <br />