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DESIGNATING ELIGIBLE FINANCIAL INSTITUTIONS AS PUBLIC DEPOSITORIES
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WHEREAS, Section 135.12 of the Ohio Revised Code provides that designations of eligible depositories extend for a period of time not to exceed five (5) years in length; and
WHEREAS, the City of Gahanna has a history of depositing active and interim monies at multiple eligible financial institutions;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That the following eligible financial institutions be designated as public depositories of the City of Gahanna active and interim funds subjection to Section 135.10 of the Ohio Revised Code and subject to the execution of formal depository agreements: Huntington Bank, US Bank, STAR Ohio, Heartland Bank and PNC Bank.
Section 2. That this designation shall in effect from April 1, 2013 through March 31, 2018.
Section 3. That the Mayor is hereby authorized and directed to enter into the agreements necessary to implement the terms of this ordinance.
Section 4. That this ordinance shall be in full force and effect upon passage by this Council and 30 days after date of signature approval by the Mayor.