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CITY OF NORTH OLMSTED
<br />ORD I NANCE N0. 68-4rp
<br />B Y : )204
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<br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A
<br />CONTRACT FOR THE DEPOSIT OF PUBLIC MONIES WITH THE
<br />INSTITUTIONS DESIGNATED BY COUNCIL AS DEPOSITORIES
<br />FOR THE ACTIVE AND INACTIVE ACCOUNTS OF THE CITY,
<br />AND DECLARING AN EMERGENCY.
<br />WHEREAS, the contracts presently in existence, designating
<br />and contracting with The National City Bank of Cleveland, The Cleveland
<br />Trust Company and the Society National Bank as the depositories of the
<br />active and inactive deposits of the City, expired December 31, 1967, and
<br />WHEREAS, now it is
<br />funds subject to its control
<br />signated by Council as the d
<br />during the period of January
<br />deposits shall be designated
<br />by Sections 135.01 to 135.23
<br />necessary for Council to award the public
<br />to be on deposit with the depositories de-
<br />apositories of public monies of the City
<br />1, 1968, to December 31, 1969, and which
<br />as inactive and active deposits as provided
<br />R.C.,
<br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
<br />North Olmsted, State of Ohio:
<br />Section l. Council does hereby determine that The National
<br />City Bank of Cleveland, The Cleveland Trust Company, The Society National
<br />Bank, Union Commerce Bank, and The Capital National Bank are eligible
<br />institutions for the deposit by the City of North Olmsted of its active
<br />and inactive accounts and authorizes the Mayor to enter into a contract
<br />with said insfirtutions in accordance with the proposals submitted there-
<br />by for the receipts by said institutions of the public funds of this
<br />City in accordance with the provisions of law and in accordance with the
<br />provisions of the proposals heretofore submitted and found by Council to
<br />comply with the regulations pertaining thereto, which contracts are for
<br />the period beginning January 1, 1968, and ending December 31, 1969.
<br />The Director of Finance shall designate the amount of deposits
<br />of both the active and inactive funds with each of said depositories as
<br />in his judgment is for the best interests of the City and in the amounts
<br />determined to be acceptable in accordance with the applications hereto-
<br />fore submitted and, upon due execution and delivery of the sureties and
<br />securities tendered, evidenced in the contract hereby authorized to be
<br />and executed by the City with each depository.
<br />Section 2. Council determines this ordinance an emergency
<br />measure as the present contracts with The National City Banle, The
<br />Cleveland Trust Company, and The Society National Bank, heretofore
<br />designated as the depositories of the active and inactive funds of
<br />the City, expired December 31, 1967, and a public depository or deposi-
<br />tories for the City funds is necessary for the protection of the muni-
<br />cipal affairs, commencing January 1, 1968, and for the period expiring
<br />December 31, 1969.
<br />Section 3. WHEREFORE, this ordinance shall take immediate
<br />effect from and after its passage, otherwise, at the earliest period
<br />allowed by law.
<br />PASSED:°'CJdAXtg,&&,6?C?G ?
<br />ATTEST:
<br />Florence Holm, Clerk of Council
<br />APPROVED:
<br />Ralp . C ristman, Mayor
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<br />". 4 ~,4 \ f ' , ... \ _ ? \ 14, ? \ £
<br />Francis J. 0'Neil , J resident
<br />of Council
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