Laserfiche WebLink
CITY OF NORTH OLMSTED <br />ORD 1 NANC E N0. 66 - g <br />BY:_ ~/V~ <br />AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A CONTRACT FOR <br />THE DEPOSIT OF PUBLIC MONIES WITH THE INSTITUTIONS DESIGNATED BY <br />COUNCIL AS DEPOSITORIES FOR THE ACTIyE AND INACTIVE ACCOUNTS OF <br />THE CITY, AND DECLARING AN EMERGENCY. <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, 1965 and <br />WHEREAS, now it is necessary for Council to award the public funds <br />subject to its control to be on deposit with the depositories designated by <br />Council as the depositories of public monies of the City during the period <br />of January 1, 1966, to December 31, 1967, and which deposits shall be <br />designated as inactive and active deposits. as provided 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, The Society National Bank <br />and the Capital National Bank are eligible institutions for the deposit by the <br />of North Olmsted of its active and inactive accounts and authorizes the Mayor <br />® enter into a contract with said institutions in accordance with the proposals <br />submitted thereby for the receipts by said institutions of the public funds of <br />this 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 era for the <br />period beginning January 1, 1966, and ending December 31, 1967. <br />The Director of Finance shall designate the amount of deposits <br />of both the active and inactive funds with each of said depositories as in <br />his judgement is for the best interests of the City and in the amounts <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 <br />by the City with each depository. . <br />City <br />to <br />Section 2. Council determines this ordinance an emergency measure <br />as the present contracts with The National City Bank, The Cleveland Trust Company, <br />and The Society National Bank, heretofore designated as the depositories of <br />the active and inactive funds of the City, expired December 31, 1965, and a <br />public depository or depositories for the City funds is necessary for the <br />protection of the municipal affairs, commencing January 1, 1966, and for <br />the period expiring December 31, 1967. <br />Section 3. Wherefore, this ordinance shall take immediate effect <br />from and after its passage, otherwise, at they earliest period allowed by law. <br />• PASSED• t ~t,l/G6 <br />ATTEST: <br />es er a ounc <br />ranc s e ounc <br />APPROVED: <br />a p ristman, yor <br /> <br />