Laserfiche WebLink
CITY OF I~IO??TH OLT~ISTED <br />ORDINANCE N0. bl -,~ f <br />~ ~.~. C~~ <br />AN ORDINANCE Ai1T~(7?~IZIN~~ THS ~.YOR '1'0 ~:,NrER INTO A CONTRACT FOR <br />T u D.:a, OMIT Oi PUBLIC ~i0;dIES 'rdITH TI-~ IDTSTITliTIOI~TS DF1SICzNATED BY <br />COUNCIL AS DEPOSITORIES F'ON THE ACTIVE AND ~CNACTIVE ACCOUN`PS OF <br />THE CITY, AND DECI.~!.4cINCx AN F1~RGENCY. <br />?~~THERFAS, tYie contract presently in existence, designating and con- <br />tracting with the National Cit~r Bank of Cleveland as the depository of the <br />active and inactive deposits of the City, eh~pires December. 31, 1961, and <br />?~~tI'?P~EAS, now it is necessar~T for Council to award the public funds <br />subject to its control to be on deposit with the depositories designated by <br />Council as the depositories of public monies of the City during the period <br />of January 1, 19b2, to December 31., 1963, and which deposits shall be desig- <br />nated ins nacti~Ce and active deposits as provided by Sections 13.01 to <br />135.23 R.~., <br />N6~fi, T?iEP_E£'~JRE, ~'~ IT ,)~_DAINr~D by the Council of the City of North <br />Olmsted, State of Ohio: <br />Section 1: Council does hereby determine that The National City Bank <br />of Cleveland, the Cleveland `Trust Company, and The Society National Bank are <br />eligible institutions for the deposit by the Citp of North Olmsted of its active <br />and inactive accounts and aut~orizes the ~Zayor to enter into a contract with said <br />institutions in accordance with the proposals submitted thereby for the receipt <br />by said institutions of the public funds of this City in accordance with. the <br />provisions of law and in accordance with the provisions of the proposals hereto- <br />fore submitted and found by Council to comply with the regulations pertaining <br />thereto, which contracts are for the period beginning January 1, 1962, and ending <br />December 31, 1963. <br />The Director of '~inance shall designate the amount o.f <br />deposits of both the active and inactive funds with each of said depositories <br />as in his judgement is f'or 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 exee>>tion and deliver-T of the sureties and securities <br />tendered, evidenced in the contract here~?y au.t~~orized to ue and executed by the <br />City with each depository. <br />Section 2: Council determines this ordinance an err~ergency measure <br />as the present contract with the National City ~3ank, heretofore desi~fnated as <br />the depository of the active anti inactive funds of the City, expires December <br />31, 1961, and a public depository or depositories for the City funds is necessar=y <br />for the protection of the municipal affairs commencing January 1, 1962, and for . <br />the period expiring December 31, 19b3. <br />Section 3; ~°~herefore, this ordinance shall take immediate effect <br />from and after its passage, otherwise, at the earliest peri.oc~ allowed by law. <br />PASSFaD: /~~ /~ <br />ATTEST: <br />~nd~~=~CaC./ <br />+IISE HAIL, CLERK OF COUNCII, UC', MacDO~?ALP., PRESID ,NT OF COU <br />APPROVF'D: <br />PAUL J. Cr _.: ,A?T, <br />~`-' <br />/oz <br /> <br />