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CITY UF NURTH OLMSTEO <br />ORDINANCE 40. 64 - 10 _ <br />BY: <br />AN ORDIqANCE AUTHORIZING THE MAYOa TO ENi'ER INTO A CONTRACT FOR <br />THE DEPOStT OF PUBLIC MONIES MITH THE INSTITUTIONS DESIGNATED BY <br />COUNCIL AS DEPOSITORIES FOR THE ACTIY E ANO INACTIV E ACCOUNTS OF <br />THE C ITY, AND DECLAR11iG AN EMEItGENCY. <br />WHEREAS, the contracts pressntly In axistenco, designating and <br />contracttng with Th• National City Bank of Clevaland, The Clevaland Trust Co., <br />and The Soclsty Nationei Bsnk as the dspositorles of the active and insctive <br />dsposits of th• Clty, sxpired Decernber 31. 1963. and <br />WNEREAS, now it is necassary for Council to award tha public funds <br />subject to (ts control to be on depostt wlth the dspositories desiynated by <br />Council as the depositoriss of pubiic montns of the City duriny tho pertod <br />of January 1, ?964, to Dscenber 31, 1965, and whlch dsposits shall be <br />dssignated as inactivs and active deposlts as provled by Sscttons 135•01 <br />to 137.23 R. C.. <br />NOM, THEREFORE, BE IT ORDAINED by the Council of the City of <br />North Oirnstsd, State of Ohio: <br />Section I. Cauncll does hsreby detarmins that Th• Nationai City <br />garrk of Cfeveland, The Cleveland Trust Company, and Ths Soclsty Matlonai <br />? Bank ars eligibie institutions for ths ds'osit by ths City of Mlorth Olmsted <br />of tts active and Inactive sccounts and authorizes the 14ayor to enter into e <br />contract with said tnstitutions In accordance wtth the proposala submttted <br />thereby for the rxeipts by said institutions of the pubiic funds of this <br />? Clty In accordance with the provisions of lsw and In accordance with the <br />prov(sions of the proposals heretofore submltted and found by Council to <br />compty with the ra9ulations pertaining thereto, whtch contracts are for the <br />perlod beginniny January l, 1964, and enging Decernber 31. 1965. <br />The Olrector of flnance shall designate the a+rqunt of <br />deposits of both ths acttve and inectlve funds with each of said dsposttories <br />as in his judgsment ls for the bsst intsrests of Lhe City and In the anaunts <br />determined to be acceptabla In accordance.with tho appitcations heretofore <br />submitted and, upon due axacutlon and dellvery of the sureties and securitins <br />tendsrsd, evidencsd In the contract hereby authorlaed to be and executed by <br />the City wlth each deposltory. <br />? Section 2. Council deternlnas this ordinancs an smrgsncy measure <br />as the presant contracts wlth Th• National Clty Bank, Th• C?tvsland Trust Company, <br />and Th• Socloty National Bank, heretofore deslgnatad as tho deposltortes of <br />the active and inactive funds of th• City, explred Decembar 31, 1963, and a <br />pubitc depository or d•posltortes for the City funda is necassary for the <br />protsction of the muntcipai affaira cormiancing January I, 1964, and for <br />the period expiring Decernber 31, 1965, <br />Section 3. Whersfore, this ordinancs shall taks immsdiate effect <br />from and aftsr its passage, otherwiss, at the earliest period allowed by law. <br />Pnss Eo / IZ :4 ti <br />ATTEST: <br />Clerk of Council <br />APPROYED: <br />Francis J. Q'Neill, Prasidant of Councii <br />Raiph E. Christman, Mayor