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<br />? <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. 8 3- 14 4 <br />BY: Ma.yor Robert W. Swietyniowski <br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER <br />INTO A CONTRACT FOR THE DEPOSIT OF PUBLIC <br />MONIES WITH THE INSTITUTIONS DESIGNATED BY <br />COUNCIL AS DEPOSITORIES FOR THE ACTIVE AND <br />INTERIM ACCOUNTS OF THE CITY. <br />WHEREAS, the contracts presently in existence, designating and <br />contracting with the Ameritrust Company; Bank Ohio National Bank; Bank One, <br />Cleveland, NA (formerly Euclid National Bank); Central National Bank; <br />Citizens Federal Savings and Loan Association of Cleveland; the Huntington <br />Bank of Northeast Ohio (formerly the Union Commerce Bank); the National City <br />Bank of Cleveland; Ohio Savings Association; and Society National Bank <br />as the depositories of the active and interim deposits of the City, expire <br />December 31, 1983, and <br />WHEREAS, now it is necessary for Council to award the public <br />funds subject to its control to be on deposit with the depositories <br />designated by Council as the depositories of public monies of the City <br />during the period of January l, 1984 to December 31, 1985. <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 Ameritrust <br />Company; Banc Ohio National Bank; Bank One, Cleveland, NA; Central National <br />Bank; First National Bank of Ashland; Huntington Bank of Northeast Ohio; <br />National City Bank of Cleveland; Ohio Savings Association; and Society <br />National Bank, are eligible institutions for the deposit by the City of North <br />Olmsted of its active accounts and authorizes the Mayor to enter into a contract <br />with said institutions in accordance with the proposals submitted thereby for <br />the receipts by said institutions of the public funds of this City in <br />accordance with the provisions of the proposals heretofore submitted and <br />found by Council to comply with the regulations pertaining thereto, which <br />contracts are for the period beginning January 1, 1984 and ending <br />December 31, 1985. <br />Section 2. Council does hereby determine that the Ameritrust <br />Company; Banc Ohio National Bank; Bank One, Cleveland, NA; Cardinal Federal <br />Savings and Loan Association; Central National Bank; First National Bank of <br />Ashland; Huntington Bank of Northeast Ohio; National City Bank of Cleveland; <br />Ohio Savings Association; Society National Bank; and Transohio Savings Bank, <br />are eligible institutions for the deposit by the City of North Olmsted of <br />its interim funds and authorizes the Mayor to enter into a contract with said <br />institutions in accordance with the proposals submitted thereby for the <br />receipts by said institutions of the public funds of this City in accordance <br />with the provisions of law and in accordance with the provisions of the <br />proposals heretofore submitted and found by Council to comply with the <br />regulations pertaining thereto which contracts are for the period beginning <br />January 1, 1984 and ending December 31, 1985. <br />Section 3. The Director of Finance shall designate the amount of <br />deposits of both the active and interim funds with each of said depositories <br />as in his judgement is for the best interests of the City and in the amounts <br />determined to be acceptable in accordance with the applications heretofore <br />submitted and, upon due execution and delivery of the sureties and securities <br />tendered, evidenced in the contracts hereby authorized to be and executed by <br />the City with each depository.