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RESOLUTION No. /~~ <br />BY: 7~~ ~~Lst,G~-n.- RESOLUTION EST]ATiNG <br />AMOUNT OF ACTIVE FUNDS <br />AND DESIGNATING DEPOSITORY <br />FOR SUCH FUNDS . <br />5 WHEREAS, the contract between the City of forth <br />Olmsted, Ohio, and the National City Bank of Cleveland, <br />Ohio, providing for the deposit of the active funds of <br />said City in said bank expired January 2, 1952, and <br />WHEREAS, it is necessary that this Council <br />designate an official depository for the active funds of <br />the City, and <br />WHEREAS it is estimated that the maximum amount <br />of such funds on deposit at any time during said period <br />will be approximately $220 ,000.00 , and <br />WHEREAS, the National City Bank of Cleveland, <br />Ohio, has .filed its application to become depository for <br />said funds. <br />NOW THEREFORE BE IT BESOLVyED BY THE COUNCIL OF <br />THE CITY OF NORTH OLMSTED, OHIO, that <br />Seet~~o That the National Citq Bank of <br />Cleveland, ©hio, c~rth Olmsted office be and is hereby <br />designated as dep®sitory for all of the active funds <br />for the City of North Olmsted, for and during the two <br />year period beginning January 2, 1952, and ending January <br />2, 1954. <br />Be it further resolved that said depository <br />shall deposit with the treasurer of said City as security <br />for the repayment of all active monies deposited with it <br />during said period proper and sufficient securities as <br />provided by the law of Ohio. <br />The application to become depository of the <br />active funds of the City submitted to this Council by the <br />National City Bank of Cleveland, Ohio, and attached hereto <br />and this Resolution designating the Bank as such depository <br />shall be deemed a contract between said Bank and the City <br />At North Olmsted and be a valid and binding obligation on <br />said parties for the period beginning January 2, 1952, and <br />ending dasuary 2, 1954. <br />,~,. <br />Section 2. This is an emergency measure necessary <br />for the preservation of the public health, peace and welfare <br />and to provide ediately for a depository for the active <br />funds of said City. <br />