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CITY OF NORTH OLMSTED <br />ORDINANCE N0. 64 - <br />~/' <br />BY : ~Lr . i~-~' <br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A CONTRACT FOR <br />THE DEPOSIT OF PUBL iC -~N I ES WITH THE INSTITUTIONS DES iGNAT'ED BY <br />COUNCIL AS DEPOS{TORIES FOR THE ACTiYf AND INACTIVE ACCOUNTS OF <br />THE CITY, AND DECLARING AN EMERGEAICY. <br />WHEREAS, the contracts presently in existence, designating and <br />contracting with The National City Bank of Cleveland, The Cleveland Trust Co., <br />and The Society National Bank as the depositories of the active .and inactive <br />deposits of the City, expired December 31, 1963, and <br />WHEREAS, now it is necessary for Council to award the public funds <br />subject to its control to be on deposit w{th the depositories designated by <br />Council as the depositories of public monies of the City during the period <br />of January 1, 1964, to December 3i, 1965, and which deposits shall be <br />designated as inactive and active deposits as provied by Sections 135.01 <br />to 135.23 R. C. , <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of <br />North Olmsted, State of Ohio: <br />Section 1. Council does hereby determine that The National City <br />Bank of Cleveland, The Cleveland Trust Company, and The Society Natior~ai <br />Bank are eligible institutions for the deposit by the City of North Olmsted <br />of its active and inactive accounts and authorizes the Mayor to enter into a <br />contract with said institutions in accordance with the proposals submitted <br />thereby for the receipts by said institutions of the public funds of this <br />City in accordance with the provisions of law and in accordance with the <br />provisions of the proposals heretofore submitted and found by Council to <br />comply with the regulations pertaining thereto, which contracts are for the <br />period beginning January 1, 1.964, and enging December 3i, 1965• <br />The Director of Finance shall designate the amount of <br />deposits of both the .active and inactive funds with each of said depositories <br />as in his judgement is for the best interests of the City and in the amours s <br />determined to be acceptable in accordance with the applications heretofore <br />submitted and, upon due execution and delivery of the sureties and securities <br />tendered, evidenced in the contract hereby authorized to be and executed by <br />the City with each depository. <br />Section 2. Council determines this ordinance an emergency measure <br />as the present contracts with 'Ehe National City Bank, The Cleveland Trust Company, <br />and The Society National Bank, heretofore designated as the depositaries of <br />the active and inactive funds of the City, expired December 31, 1953, and a <br />public depository or depositories for the City funds is necessary for the <br />protection of the municipal affairs commencing January 1, 1964, and 'for <br />the period expiring December 31, 1965. <br />Section 3. Wherefore, this ordinance shall.. take immediate effect <br />from and after its passage, otherwise, at the earliest period allowed by law. <br />PASS ED ~ . ~'~%'~' . ''' ~~` ~ <br />-- <br />ATT EST:~°" <br />r~_ <br />O \ <br />~' 4 <br />f T. <br />.. : <br />~~/ <br />( ,,.y' <br />~,; <br />.,Louise Hall, Clerk of Council Francis J. O'Nei)1,~P esident of Council <br />APPROVED: <br />~~ ~ <br />Ra 1 ph E. Christman, Mayor ~/~3f ~~ / <br />r <br /> <br />