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CITY Or I~ORT~f O~MS~
<br />P~~~SOLUTION AIO.~
<br />RESOLUTION A UT' ~ORIZ 1~TG T ~~ NAT ' i~''iAL C YTY BAIVTK OF
<br />CLE'~LAr1D, T ~~ SOCI~,TY NA`i.'IO~~AL BANK OF CLFUI±;LA1~?D,
<br />AND T'~ CLFv 'LAND TR~jST CO_iPANY, 1)~~SIGNATrD DEPOS-
<br />ITOF.T>;S, TO SUBaTITiiTF SFCt~RIT?:''S DFPOS_ITED 4•d".CTH T1-IB
<br />FEDFI~AL RF5FR57~ Ai~~K O>i' C.I~Eu~.,A`~.D la'OR SAF"~K~'FPIP3G,
<br />AI,TD DFCLARINCr AP? ?-'~~?'CrFNCY.
<br />?rT'-?~hFAS, to secure the deposit of funds of the City of North Olmsted,
<br />Ohio, in The National City Bank of Cleveland, the Society Nat~..onal t3ank of
<br />Cleveland, and the Cleveland Trust Company, under depository designations
<br />terminating pursuant to Ohio Revised Code Section 135.11, on December 31, 1963,
<br />certain obligations o.f the TJnited States of America have heretofore been de-
<br />posited by said depositories and are now on der?osit with the Federa.l~`.eserve
<br />Bank of Cleveland far safekeeping; and
<br />`rr~RFAS, said banks have. requested tr~is subdivision to aut .orize
<br />said Federal Reserve ~3ank of Cleveland to permit substit}aion of securi..ties
<br />in such safekeenin~* accounts and this subdivision has deteri:ined that s~?ch
<br />authorization is feasible and proper on the zerras ~ereLnafter set forth,
<br />T?OrnT, '~'u ,~:~~, ~~ R~~;, ~< Ti ~?}~S~~~LtT'~,D by th.e Council of the City of ATOrth
<br />Olmsted, State of Ohio:
<br />Section l: ~1'~lat the Federalr3eserve~;ank of Cleveland be ar_d ~_t i.s
<br />hereby authorized at any ti:~ne during t~~e period ending December 31, 1963, to
<br />perrriit The I~1ational City Sark of Cie Deland, Society National -dank of Cleveland,
<br />and The Cleveland 'T'rust Corn±~any to withdraw anzT obligations of the I3nited
<br />States of America row or hereafter dur~.n=° the aforesaid period on deposit with
<br />the `Federal '_~?eserve Hank oi' Cleveland for safekeeping for the account of said
<br />bank or banks and the subdivision, provided tk:a.t said bank or banks shall at
<br />the sates time deposit in suci~ safel~eeping account with tree ^'ederal ~'.eserve
<br />Bank of Cleveland in substitL?.tion for the obligations so withdrawn other ob-
<br />ligations of the tTnited States of Ame.r~_ca of a princi~-;al amount not less ti.an
<br />the obligations so withdrawn.
<br />Section 2: That the Director of Finance of the City a.s hereby author-
<br />ized to certify a copy o1` this resolution to the Federal Reserve Bank of Cleve-
<br />land and to The National City Sank of Cleveland, Society National Bank of
<br />Cleveland, and `Ehe Cleveland Trust Co,npany as being the officer qualified to do
<br />so under the provisions of Ohio Rdvised Code Section 135.01.
<br />Section 3: ~~'~erefore, this resolution shall take immediate effect
<br />from and after its nassa~;e, otherwise, at the earliest period allowed by law.
<br />PASSI~D: , ~'F ~6~-
<br />A'1'TF~ST
<br />r OU SE HAL , CL1~?K OF CO C
<br />APPROVED:
<br />~°``•.~
<br />i1L J . GA : ~A ~ , MAYOR.
<br />I:
<br />'•.i
<br />BRUCE MacDOAtALD, PRFSID>~;NT OF COUP•ICIL
<br />-~~~~ /--3 ~ =1
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