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RFSOLU1ZON No. -~ 9t3 ~- <br /> <br />RESOLUTION ESTIMATING <br />?UNT OF ACTIVE FUND5 <br />AND DESIGNATING DEPC?SITORY <br />FOR SUCH FUNDS. <br />WHFs'REA.S, the contract betweea~ the City of north OL®sted, Ohio, <br />and the National City Bank of Cleveland, Ohio, providing for the deposit <br />`~ of the active funds of said City in said bank expired January 2, 1954, <br />and <br />WIiE~~EAS, it is necessary that this Council designate an official <br />depository for the active funds of the City, anal <br />WE~EAS, it is estimated that the .amount of such funds <br />on deposit at any time during said period will be approximately X260,000.00, <br />and <br />WHfftTAS, the National City Bank of Cleveland, Ohio, has filed its <br />application to become depository for said funds, <br />NOWT ~' RE BE IT RESOLVED BY TH:~s COUNCIL OF THE CITZ OF <br />NORTH OLMSTEA, OHIO, that <br />Section 1, That the National City Bank of Cleveland, Ohio, <br />North Olmsted o fiee be and it is hereby designated as depository for <br />all of the active funds for the City of forth Olmsted, for and during <br />the two year period beginning January 2, 1954, and wading Jar_uary 2, <br />1.956. <br />Be it further resolved that said depository shall deposit with <br />the Treasurer of said City as Security for the repayment of all active <br />cronies deposited with it durint; said period proper and sufficient sec- <br />urities as provided by the laws of the State of Ohio. <br />The application to become depository of the active funds of the <br />City submitted to this Council by the National City Bank of Cleveland, <br />Ohio, and attached hereto and this Resolution designating the Bank as <br />such depository shall be deemed a contract between said B ank and the <br />City of North Olmsted, Ohio, and be a valid aid binding obligation o n <br />said parties for the period beginning J~-uary 2, 1954, and ending Jan- <br />uary 2, 1956• <br />Section 2. This is an emergency measure necessary for the <br />preservation of th public health, peace and welfare and to provide for <br />a depository for the active funds of said City. <br />-~ f <br />PASSED : C- _ ~,, , ~ ~ ,~, J ~~ <br />,,t' <br />.:a . <br />__ _~ <br />ATTEST : ~- ~~ ~`"ti'-k.. <br />E. r4. Christman, Clerk Edg~r/kT. B aumgardner, <br />/~~ of Council <br />APPROVE~D:~ <br />Charles B. Lewis, Mayor <br />