2023-136 Resolution - Laserfiche WebLink

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CITY OF NORTH OLMSTED RESOLUTION NO. 2023 - 136 By: Mayor Jones AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO CONTRACTS FOR THE DEPOSIT OF PUBLIC MONIES WITH THE INSTITUTIONSDESIGNA TED BYCOUNCIL ASDEPOSITORIES FOR THE ACTIVE AND INTERIM ACCOUNT OF THE CITY, AND DECLARING AN EMERGENCY. WHEREAS, several of the contracts presently in existence for the deposit of active and interim accounts of the City will expire December 31, 2023, and WHEREAS, it is now necessary for Council to designate the eligible depositories of public monies of the City. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTYOF CUYAHOGA AND STATE OF OHIO. SECTION 1: 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, Chase Bank, Ohio Savings 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. 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 herjudgment is for the best interests ofthe 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 he executed by the City with each depository. SECTION 3: That this Ordinance is hereby declared to be an emergency measure immediately necessary for the preservation of the public peace, health, safetyand welfare ofthis City and for the further reason that it is necessary that this legislation go into effect immediately so that the money of the City of North Olmsted is secure and available for use on January 1, 2024, and further provided that it receives the affirmative vote of two-thirds of the members ofthis Council, it shall take effect and be in force immediately upon its approval by the Mayor.