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..r 1 e". ..:?? <br />.CITY OF NORTH OLMSTED <br />ORD I NANCE N0 . ?f,158 <br />BY:hk - <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 National City Bank of Cleveland, The Cleveland Trust <br />Company, The Society National Bank, Union Commerce Bank and the Capital <br />National Bank as the depositories of the active and interim deposits of <br />the City, expire December 31, 1979, 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 1, 1980 to December 31, 1981. <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of <br />North Olmsted, State of Ohio: <br />Ssction 1. Council does hereby determine that the National <br />City $-ank of Cleveland, AmeriTrust Company, The Society National Bank, <br />Union Commerce Bank, BancOhio National Bank and First Bank National <br />Association, 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 <br />contract with said institutions in accordance with the proposals submitted <br />thereby 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 the <br />period beginning January 1, 1980 and ending December 31, 1981. <br />Section 2. Council does hereby determine that the National <br />City Bank of Cleveland, AmeriTrust Company, The Society National Bank, <br />Union Commerce Bank, BancOhio National Bank, First Bank National <br />Association, Shaker Savings Association, and Ohio Savings Association, are <br />eligible institutions for the deposit by the City of North Olmsted of its <br />interim funds and authorizes the Mayor to enter into a contract with said <br />institutions in accordance with the proposals submitted theeeby 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, 1980 and ending December 31, 1981. <br />Section 3. The Director of Finance shall designate the amount of deposits <br />of both the active and interim funds with each of said depositories as in <br />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.