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1. <br />,Resolution No. 1039 <br />By Mr. Stearns <br />A RESOLUTION <br />DESIGNATING THE CLEVELAND TRUST COMPANY AS THE DEPOSITORY <br />FOR THE ACTIVE FUNDS OF THE VILLAGE OF NORTH OLMSTED AND <br />DESIGNATING THE FEDERAL RESERVE BANK AS TRUSTEE FOR THE <br />SECURITIES DEPOSITED BY THE CLEVELAND TRUST COMPANY AS <br />SECURITY FOR SUCH DEPOSITS AND AUTHORIZING THE TREASURER <br />TO SIGN INSTRUCTIONS AUTHORIZING THE FEDERAL RESERVE BANK <br />TO PERMIT THE DEPOSITORY TO CLIP.COUPONS AND EXCHANGE <br />.SECURITIES OF THE DEPOSITORY FOR LIKE SECURITIES <br />WHEREAS The Cleveland Trust Company has made <br />application to act as depository for active funds of the <br />Village of North Olmsted, and <br />W mms the Village has no, inactive f ands <br />and no interest is being paid on active funds, and <br />WHEREAS this council believes that it would <br />be to the best interests of the Village to name The Cleve - <br />land Trust Company as depository of active funds of the <br />Village of North Olmsted, and <br />WHEREAS this council desires to name the <br />Federal Reserve Bank as- Trustee, for the holding of securities <br />deposited by The Cleveland Trust 'Company as collateral as <br />provided by Section 2296-15A-of the General Code, and <br />WHEREAS this council desires to authorize <br />the Treasurer to' notify the Federal Reserve Bank that it <br />may act as trustee for the holding of securities deposited . <br />by The Cleveland Trust Company as depository for' funds of <br />the Village of North Olmsted as provided by Section 2296 -15A, <br />and <br />WHEREAS this council estimates that the <br />aggregate maximum amount of public funds subject to its <br />control during the next two years will-be $30,000.00, <br />NOW, THEREFORE, BE IT RESOLVED by the Council <br />of the Village of North Olmsted, Ohio: <br />Section 1. That The Cleveland Trust Company <br />be and is hereby named as depository for the active funds <br />of the Village of North Olmsted, Ohio, for a period of two <br />years beginning with the effective date of this resolution. <br />Section 2. The Cleveland Trust Company as <br />depository for such funds shall deposit with the Federal <br />Reserve Bank securities authorized by.the statute of the <br />State of Ohio guaranteeing the.payment of funds deposited <br />by said Village. <br />Section 3. The Treasurer be and is hereby <br />authorized and directed to execute the necessary papers <br />authorizing the Federal Reserve Bank to permit The Cleveland <br />Trust Company to clip coupons or to exchange the securities <br />deposited for securities of like amount under the direction <br />and control of the Federal Reserve Bank. <br />Section 4. This resolution shall take effect <br />and be in force from and after the earliest period allowed by <br />law. <br />P sled; <br />September 5, 1939. � � <br />