2019-108 Ordinance - Laserfiche WebLink

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CITY OF NORTH OL.MSTFD ORDINANCE NO. 2019-108 BY: Mayor Kennedy AN ORDINANCE? AUTHORIZING; THF' MAYOR TO ENTER INTO CONTRACTS FOR THE DEPOSIT OF PUBLIC MONIES WITH THE INSTITUTIONS DESIGNATED BY COUNCIL AS DEPOSITORIES F'OR'fHL ACTIVE' AND INTERIM ACCOUNT` OF THE CITY, AND DECLARING AN EMERGENCY. WHEREAS, the contracts presently in existence for the deposit of active and interim accounts of the City expire December 31, 2019, and WHEREAS, it is now necessary for Council to award the public funds subject to its control to be on deposit with the depositories designated by Council as the depositories of public monies of the City during the period of January 1, 2020 to December 3 1, 2024, inclusive. NOW. TF(EREFORE, 13L IT ORDAINED BY THE CI I"Y OF NORTI-1 OLMSTED, COUNTY OF CUYAI-IOGA, AND STATE OF Of SECTION 1: Council does herebv determine that Citizens Bank, Fifth Third Bank, First Federal of Lakewood, Huntington Bank, Key Bank NA, PNC Bank, Third Federal Savings & Loan Association, Dollar Bank, US Bank, Star Ohio (including Star Plus) and UBS Financial Services Inc. and their successors are eligible institutions for the deposit by the City of North Olmsted of its active and interim accounts and authorizes the Mayor to enter into a contract with said institutions in accordance with the proposals submitted thereby for the receipts by said institutions of the public funds of the city in accordance with the provisions of the proposals heretofore submitted and found by Council to comply with the regulations pertaining thereto, which contracts are for the period beginning January 1, 2020, and ending December 31, 2024, inclusive. SECTION 2: The Director of Finance shall designate the amount of deposits of both the active and interim funds with each said depositories as in her judgment is for the best interests of the City and in the amount determined to be acceptable in accordance with the applications heretofore submitted and upon execution and delivery of the sureties and securities tendered, evidence in the contracts hereby authorized to be executed by the City with each depository.