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CITY OF NORTH OLMSTED <br />ORDINANCE 83 - 87 <br />BY:Ronald Wilamosky <br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER <br />INTO A CONTRACT FOR DEPOSIT OF PUBLIC MONIES <br />WITH THE FIRST NATIONAL BANK OF ASHLAND, FOR <br />ACTIVE ACCOUNTS OF THE CITY, AND DECLARING AN <br />EMERGENCY. <br />WHEREAS, the City wishes to increase the number of available depositories <br />for acting accounts, and <br />WHEREAS, the First National Bank of Ashland has applied, through its parrent <br />company the National City Bank Corporation, to receive active monies. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, <br />COUNTY OF CUYAHOGA, AND STATE OF OYIO: <br />SECTION 1: Council does hereby determine that the First National Bank of <br />Ashland is an elegible institution for the deposit by the City of North Olmsted <br />of its active accounts and authorizes the Mayor to enter into a contract with <br />said institution in accordance with the proposals submitted thereby for the <br />receipts of said institutions of the public funds of this City in accordance <br />with the provisions of 1aw and in accordance with the provisions of the proposal <br />heretofore submitted and found by Council to comply with the regulations pertain- <br />ing thereto, which contract is for the period July 1, 1983 through December 31, <br />1983 inclusive. <br />SECTION 2: The Director of Finance shall designate the amount of deposits <br />of active funds with the First National Bank of Ashland and all depositories <br />previously named in Ordinance 81-130 as in his judgement is for the best interest <br />of the City and in the amounts determined to be acceptable in accordance with the <br />applications heretofore submitted and, upon due execution and delivery of the <br />sureties and securities tendered, evidenced in the contracts hereby and pre- <br />viously authorized to be and executed by the City with each depository. <br />SECTION 3: That this Ordinance is hereby declared to be an emergency <br />measure immediately necessary for the preservation of the public health, safety, <br />and welfare, and for the further reason that it is immediately necessary for <br />the continuity of services, and further provided it receives the affirmative <br />vote of two-thirds of all voting members of Council, it shall take effect <br />and be in force immediately upon its passage and approval by the Mayor <br />PASSED: <br />ATTEST: <br />6 - & <br />LORENCE E. CAMPBELL, CL K OF COUNCIL <br />APPROVED C??? ?- G <br />? <br />ROBERT W. SWIETYNIOWSKI, MAYOR <br />First reading: 7 S AP3 <br />Second reading: 3 <br />Third reading <br />AMES D. BOEMER, PR SIDENT OF COUNCIL