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Resolution N o. ~~1~1.._ <br />By &ir . ~ - - <br />A RSSOLUT IU~t <br />DESIGNAT ING TH1~ BANK OF BEREA GOYPANY AS DEPOSITORY FOR <br />THE ACTIVB FUNDS OF THE VILLAGE OF NORTH OLM3TED. <br />~~" WHEREAS the Bank of Berea Company has made <br />~``" application to set as depository for the active funds of the <br />Vi11ag® of Nor th 0lmstod, and <br />~lS the Village has no inactive funds <br />and no interest is being paid on active funds, and <br />WHF.EtF.AS this Council believes it would be to <br />the best interests of the Village to name The Bank of Berea <br />Company as depa~ito~y of :the active funds of the Village of <br />North Olmsted, and <br />AREAS this Council estimates that the aggre- <br />gate maximum amount of public funds subset to its control <br />during the next tyro years will never exceed ~108~400.00; <br />now, therefore, <br />BE IT RESOLVED by the Council of the Village <br />of North Olmsted, State of Ohio: <br />Section 1. That The Bank of Berea Company be <br />and it is hereby named as depo sitory for the active funds of <br />the Village of North Olmsted for a period of two years beginning <br />on the 2nd day of January, 1950. <br />Section 2. That The Bank of Berea Company, <br />as depository for such funds, shall deposit in a safety deposit <br />box and®r the control of the Village, securities as requir®d <br />by the statute of the State of Ohio guaranteeing; the payment <br />of the funds deposited by the Village. <br />Section 3. <br />to be an emergency measure, <br />necessary for the im~oediate <br />peace, safety and for the d; <br />departments of the Village, <br />once, and shall take effect <br />passage. <br />This resolution is hereby declared <br />the emergency being that it is <br />preservation of public welfare, <br />oily operation of the municipal <br />that this resolution be passed at <br />and be in force from and after its <br />Passed: December 20, 1949. <br />_._ __ <br />- ~agor <br />