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_ ....,. ....? ??.?. <br />. <br />0% <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 96-176 <br />BY: The Mayor and All Members of Council <br />AN ORDINANCE ADOPTING AN INVESTMENT POLICY <br />FOR THE CITY OF NORTH OLMSTED, AND DECLARING <br />AN EMERGENCY, AS AMENDED. <br />WHEREAS, effective September 27, 1996, State Senate Bill No. 81 modifies the <br />investment authority of all local governments and requires all local governments to file a <br />written investment policy with the Auditor of State; and <br />WHEREAS, the Mayor, Council and the Director of Finance believe that a <br />written investment policy would benefit the preservation of City assets. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY <br />OF NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: <br />Section 1: That the Investment Policy attached hereto and made a part hereof and <br />marked "Exhibit A" is hereby adopted as the investment policy for the City of North <br />Olmsted. <br />Section 2: That the Clerk of Council shall immediately forward an attested copy <br />of this ordinance along with Exhibit A to the Auditor of State. <br />Section 3: That this Ordinance is hereby declared to be an emergency measure <br />immediately necessary for the preservation of the public health, safety and welfare, and <br />for the further reason that it is immediately necessary to comply with the provisions of <br />State Senate Bill No. 81 and further provided it receives the affirmative vote of two-thirds <br />of all members of Council, it shall take effect and be in force immediately upon its <br />passage and approval by the Mayor.