1973-008 Ordinance0RDINAN¢~ N0. '-1973 - 8 "
OFFERED BY :'Mayor Hartlaub
DESIGNATING AND APPOINTING THE FIRST NATIONAL
BANK OF AKRON AS VILLAGE DEPOSITORY; ESTiMATiNG
AMOUNT 0F PUBLIC MONEY TO BE DEPOSITED AND AUTHOR-
IZING THE MAYOR AND Finance DirectOr TO EXECUTE
MEMORANDUM OF DEPOSITORY OBLIGATION.
WHEREA$~ T~ Fim$~c Na'~ional Bank of Ak~on~ Fa~'~
Branch, has made application t~ the C~un~il ~f ~he. '~ty .of Faiz~-
· lawn for the active deposit of publi~ funds, in compliance with the
Unifomm Depository Ac~ of 0n~o, and '
.
WHEREAS, %he swo. mn financial s'~a'~emen% of said bank
a~ached ~o ~he app!iea'~ion shows: ,
Capi~cal Funds
30% Deposit Liabilities
$49,480,863..41
·
'$159., 694,191.40
WHEREAS~ i% is deemed fora %he bes'~ public in~¢eres'~
~o a¢¢'ep'~ ~h'e offe~ of '~he Fi~s'~ Na'~ional Bank of Ak~on.
BE IT ENACTED 'BY-'THE COUNCIL OF THE CITY OF 'f ~ :
lawn, Summit County ~ Ohio-
Sec=ion 1.
See%ion 2.
That the Fi~sT National Bank of Akron~ Fai~~-
lawn Branch~ be and it is he~eby designated
as a depository for The public funds of
City of Faimlawn, Sun~ni'~ County ~ 0bio, fo~~
a Term of '~wo years beginning January' 1, 1973
and ending December 31~ 1974.
,,
Thane %he pmobabla amoun'~s of money 'to be deposited
are a minimum of Ten Thousand Dollams ($10 ~000.00
and '~he maximum amount Five Hundmed Thousand
($$00,000.00)
Thai the Mayor and Finance Direct~ of the city
are hereby authorized to execute on behalf of the
City_ a memor&ndum of deposi~ '~
~ory obligation in
compliance wi~h ~he Unifo~m Depository A¢'"c of Ohio.
S~¢~ion ~.
Sec%ion S.
Tha'~ %he Clamk is hemeby di~e¢%ed %o
ce~%ify copies of "chis 0mdinanca '~o %he
National Bank of Aka-on and %he \F'i'nance Director ·
·
Tha~ %his o~dinanee shall be in full fomce and
effae~ f~o~u and af%~ '~he camlics~c period allowed
by law.
·
Passed .January 22, 1973
,
:
,
William D. Reed, Clerk of Council'
,
·
.7
Y~6 p Sansonetti
President of Council..
~rtlaub, Mayor
Approved as to form:
Dou~~~. Z~o~k, -'Di recto r
of
Law
1973 - 8