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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2016 - 70 <br />BY: Mayor Kennedy <br />AN ORDINANCE APPROVING THE ADOPTION OF A MODIFIED <br />INVESTMENT POLICY, AND FURTHER AUTHORIZING THE MAYOR <br />AND DIRECTOR OF FINANCE TO ENTER INTO AGREEMENT WITH <br />INVESTMENT ADVISORS IN COMPLIANCE WITH SAID POLICY, <br />FOLLOWING APPROVAL BY THE BOARD OF CONTROL, AND <br />DECLARING AN EMERGENCY, AS AMENDED. <br />WHEREAS, effective September 27, 1996, all local governments are required to create <br />and file with the State Auditor an investment policy; and <br />WHEREAS, on December 17, 1996 the Council approved Ordinance 96-176, thereby <br />creating a written investment policy; and <br />WHEREAS, a modification of the policy was administratively approved by the City <br />Council on December 4, 2012; and <br />WHEREAS, it is the desire of this Council, consistent with the recommendation of the <br />Director of Finance, to approve the attached revised Investment Policy consistent with <br />requirements of State law. <br />NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, CUYAHOGA COUNTY, AND STATE OF OHIO: <br />SECTION 1: That this Council does hereby accept and approve the revised Investment <br />Policy, as attached hereto, incorporated herein and marked Exhibit A, as presented and proposed <br />by the Director of Finance. <br />SECTION 2: That the Mayor and Director of Finance are hereby authorized to enter <br />into agreement with Investment Advisors in compliance with the policy as adopted herein, <br />following approval of the Investment Advisor by the Board of Control. <br />SECTION 3: That this Ordinance is hereby declared to be an emergency measure <br />immediately necessary for the preservation of the public health, safety and welfare, and further <br />for the reason that it is necessary that this Resolution go into effect immediately in order to <br />immediately permit the Director of Finance to enter into agreement with Investment Advisors <br />offering financial services that are most advantageous to the City; and further provided it <br />receives the affirmative vote of two-thirds of all members of Council, it shall take effect and be <br />in force immediately upon its passage and approval by the Mayor. <br />PASSED: (�� ku l / 6 First Reading: l <br />Second Reading: '±0 b <br />