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CI'i'Y Gr ?dUI{'i'H OL;'"':L'D
<br />i;O
<br />By
<br />R.IZGLli'iI-,:N M1GNIA`i'IP1G TH::. TJA'1'10it11l, CIZ'Y Bsd\n? 0F CL:X?L?IND, ,Li J14iII,
<br />EiANiiII3G ASaGCI2i:12 IUN, aLY i,01-, 'ltAC?IV1; it7T\TDS Ui+ `l'iE CITY UF
<br />NUitTH CiLIIS?' ?M, D?GII *' ry?aIv ?ZNG ' Jr?T?TUls..t
<br />r? Y 2, 196o ??.I1D iluDING J?li1[i1;.?.Y l, 1962,
<br />It1C, laU,?IV`i 1ULT-0 I71:;C L11.;:=LTTTG 11Il LIZ?12LGI19CY .
<br />.,1T'{'T U"1;, it becomes incumioent u-oon the Council of this city tc designate a
<br />depository for the ?,ctive lunds of i;he City of fiiorth ?:.`?lrnsted for the Y,eriod begi.nnin{;
<br />January 2, 1960 and ending January l, 110162, inclusive, ?jnd
<br />141111',5, rl'he Nationa.l. City Bank of Cleveland, a nationa,l banking associutian,
<br />located at and doing business in Cieveland, Cuya,lzoga County, Ohio, has ofFered to became
<br />a depository for the active funds of the city for said period, a.nd
<br />1
<br />VT121;i'i;A5, Covncil, upon due consideration th.ereoi, accepts said offer a.,ld
<br />desit;mates 1'he 11";atilonal City 8ank of Clevela.nd, a national bankinL association, :.s such
<br />aepositos•y for the active iunds of' the City of NOIth Clrr?s?ec.,
<br />C)i''y1-%r-?, _l, ?=? - ?SL':.:V??D ?y the Council of the P:it,? of iv"ori;h G?rl?s,?ed,
<br />State of Ohio.
<br />Section 1: ThLLt the Council of tne City of 1?orth Olms-ted does =_u1d hereby
<br />designates `i'he ilationa-I City i3?;nk of Llevelt,.nd, a national b,?nking association, loc,;.red
<br />at and doinr; business in C1evelana, CuJrahoUa County, 'v'hio, as deM•ository for tne ac ?_.ve
<br />fu.nds of the City of :4orth C-1msted ior the j;eriod beginning Janua-ry 2, 1960 and end_.n.g
<br />January l, 1962, inclusive, iri accorcl.a,n.ce ;:-ith. the terms offored and proioosed by ;;he
<br />City E3ark of Cleveland, :;hich are hereaiter set fo_th in Section 2 of this
<br />resolution of desi,!;nacion.
<br />aection 2: ihat the terms upon ?rLiich said :'?ational City 13anl; of Cleveland (1-:'ers
<br />•an.d proposes to act as a depository sor the active iunds of the City of 1;orth G1mStec:,
<br />T,h.ich terms and proposa,ls the city has so accep-ted, are as :ollows:
<br />(l.) `I'he TTational City Bank of Clevela,nd agrees to receive active
<br />fu.nds of the City of 1'lorth Glmsted during the term hereinbefore rnentior:ed, ,a.nd to acco°unt
<br />ior Li.xzd on demand pay over the same with.out intelest to or u,,;,orz 'Llhe o-rder o:E' the i:ity ol"
<br />North Olmsted.
<br />`2.} the lv?.=cional City }3an.k of Clcveland a;rees that, to secure
<br />the periormance of its obligations hereunder and unde-r sa,id proposal a.nd th.e obsexv<<nce
<br />of all requirements of law applyin.- to sucn deposits, it ?fill lorthwith cl.eposit t itr ?'hc
<br />I'ederal Keserve i3ank of Clevelr,ald as trustee, co i lateral oi the i:ind and amount rec;uired
<br />to be deposited under the provisions of Sec-'tion 155.16, 0't7io :tevised Code, Vnd the City
<br />of North Olmsted agrees to pass a resolution in such f'orm as may be accepta.ble to :r'edie_ral
<br />authorizing the bank to mak-e substit.i-Gions of such co11<-:teral 1'rar? 'Uime to time -;i.d -uz)
<br />_urnish Federal irith a certified co,?y thereoi.
<br />A11 money deposited with i'he iaationa,l City Bank of C7 evcl and
<br />ma,y fro.m titne to time be dratan against by checks of the City of ":o-•th Ulrnsted, es>ecuted
<br />in such raanner _;nd by such ,;ersons as the City of 1]'orth G}lmsted r?.ay lairfully des_;,-,:n?,te
<br />and prescribe.
<br />(4.) `'h.e iaa.t_?.onal. City Bank of Cleveland ?ill prompi;ly furnish to
<br />the City of ilorth Glrnsted,as of the 1«st business day of ea,ch month 1,.hen an,y part of the
<br />award is on deposit, a stateLient o-r certil:i.cLite sliowing the bal;-nce of sizch monays in i ts
<br />;)ossessione
<br />i I
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