91-181 Ordinance - Laserfiche WebLink

Home Browse Search

CITY OF NORTH OLMSTED ORDINANCE N0. 91-181 BY: Councilman Tallon AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO CONTRACTS FOR THE DEPOSIT OF PUBLIC MONIES WITH THE INSTITUTIONS DESIGNATED BY COUNCIL AS DEPOSITORIES FOR THE ACTIVE AND INTERIM ACCOUNT OF THE CITY. WHEREAS, the contracts presently in existence for the deposit of active and interim accounts of the City expire December 31, 1991, 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, 1992, to December 31, 1993, inclusive. NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: SECTION l: Council does hereby determine that Ameritrust; Bank One, Cleveland; NA; Cardinal Federal Savings Bank; First Federal Savings and Loan Association of of Lakewood, Ohio; First National Bank of Ashland; First National Bank of Ohio; Huntington National Bank; National City Bank; Ohio Citizens Bank; Ohio Savings Association; Society National Bank; Third Federal Savings & Loan Association; and Women's Federal Savings Bank 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 this 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, 1992, and ending December 31, 1993, 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 his judgement 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 due execution and delivery of the sureties and securities tendered, evidence in the contracts hereby authorized to be executed by the City with each depository.