CITY OF SALEM
RESOLUTION NO. 991116 - 76 INTRODUCED BY:
First Reading _______________
Second Reading _______________
Third Reading _______________
BEING A RESOLUTION DESIGNATING FINANCIAL INSTITUTIONS AS DEPOSITORIES FOR FUNDS OF THE CITY OF SALEM, OHIO, PURSUANT TO CHAPTER 135 OF THE OHIO REVISED CODE, AND DECLARING AN EMERGENCY:
WHEREAS, the City of Salem receives revenue from taxes and other sources; and
WHEREAS, it is necessary that the City of Salem place these funds on deposit with authorized financial institutions; and
WHEREAS, the City has received applications from such financial institutions to become a depository for City funds; and
WHEREAS, the designation of depositories shall be made every two years.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF SALEM, STATE OF OHIO:
SECTION 1:
That Consumers National Bank, having offices at 141 South Ellsworth Avenue, Salem, Ohio 44460, is hereby designated as an authorized depository for funds of the City of Salem, Ohio.
SECTION 2:
That Sky Bank, having offices at 193 South Lincoln Avenue, Salem, Ohio 44460, is hereby designated as an authorized depository for funds of the City of Salem, Ohio.
SECTION 3:
That Farmers National Bank, having offices at 1858 East State Street, Salem, Ohio 44460, is hereby designated as an authorized depository for funds of the City of Salem, Ohio.
SECTION 4:
That Bank One, N.A., having offices at 123 North Broadway, Salem, Ohio 44460, is hereby designated as an authorized depository for funds of the City of Salem, Ohio.
SECTION 5:
That National City Bank, having offices at 2303 East State Street, Salem, Ohio 44460, is hereby designated as an authorized depository for funds of the City of Salem, Ohio.
SECTION 6:
This Council finds and determines that all formal actions of this Council concerning and relating to the adoption of this ordinance or resolution were adopted in an open meeting of this Council and that all deliberations of this Council and of any of its committees that resulted in those actions were in meetings open to the public in compliance with the law.
SECTION 7:
That this ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety in the City of Salem, and shall take effect immediately for the reason that the funds of the City shall be secure and held in accordance with law.