Invitation for Applications - Public Depository of Funds

Invitation for Applications - Public Depository of Funds A RESOLUTION TO ESTIMATE the aggregate maximum amount of public funds subject to the control of the board of trustees to be awarded and be on deposit AS INACTIVE DEPOSITS, to designate ANY additional amountS as INTERIM AND ACTIVE DEPOSITS, TO INVITE APPLICATIONS FROM ELIGIBLE INSTITUTIONS DESIRING TO BE PUBLIC DEPOSITORIES, AND TO FIX A DATE TO DESIGNATE PUBLIC DEPOSITORIES, ALL DURING THE period of designation BEGINNING ON aUGUST 1, 2021 AND ENDING on july 31, 2026 WHEREAS, this Board on October 15, 2008 adopted Resolution No. 123-08, to adopt a new Twinsburg Township Investment Policy; and WHEREAS, this Board on June 1, 2016 adopted Resolution No. 44-16 to estimate the aggregate maximum amount of public funds subject to the control of this Board to be awarded and be on deposit as inactive deposits, to designate any additional amounts as interim and inactive deposits, to invite applications from eligible institutions desiring to be public depositories, and to fix a date to designate public depositories, all during the period of designation beginning on August 1, 2016 and ending on July 31, 2021; and WHEREAS, this Board adopted Resolution Nos. 57-16, 57-16 As Amended, and 57-16 As Amended #2, on July 26, 2016, September 19, 2018, and July 17, 2019 respectively, to designate public depositories and award deposits during said period; and WHEREAS, in conjunction with expiration of said period, Chapter 135 of the Ohio Revised Code requires that this Board take several actions pertaining to the period of designation beginning on August 1, 2021 and ending on July 31, 2026 (the "Designation Period"), including but not limited to estimating inactive deposits, designating additional amounts as interim and active deposits, inviting depository applications, and fixing a date for designating depositories; NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of the Township of Twinsburg, County of Summit, State of Ohio: SECTION 1. Total. This Board hereby estimates that the aggregate maximum amount of public funds subject to the control of this Board to be awarded and be on deposit as during the Designation Period is $7,000,000.00 as of April 30, 2021. SECTION 2. Inactive. This Board hereby estimates that the aggregate maximum amount of public funds subject to the control of this Board to be awarded and be on deposit as inactive deposits during the Designation Period is $3,000,000.00 as of April 30, 2021. SECTION 3. Interim. This Board hereby designates the additional estimated amount of $3,000,000.00 as interim deposits as of April 30, 2021. SECTION 4. Active. This Board hereby designates the additional estimated amount of $1,000,000.00 as active deposits as of April 30, 2021. SECTION 5. Invitation. This Board hereby invites applications from eligible institutions desiring to be public depositories, with applications to be submitted no later than Thursday, June 24, 2021 at 4:00 PM at Township Hall, and with applications to conform to all applicable requirements, including but not limited to the Twinsburg Township Investment Policy and Chapter 135 of the Ohio Revised Code. SECTION 6. Publication. This Resolution shall be published once a week for two consecutive weeks in two newspapers of opposite politics and of general circulation in the County. SECTION 7. Award. This Board shall designate public depositories and award deposits at its regular meeting scheduled for Wednesday, July 14, 2021 at 6:00 PM at Township Hall. SECTION 8. Meetings. This Board finds and determines that all formal actions of this Board concerning and relating to the adoption of this Resolution were adopted in an open meeting of this Board and any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements, including but not limited to Section 121.22 of the Revised Code. SECTION 9. Effective Date. This Resolution shall be effective immediately or at the earliest date allowed by law. This Resolution is hereby declared to have been adopted by the Board of Trustees of the Township of Twinsburg, County of Summit, State of Ohio, at a meeting, called and held on the 12th day of May, 2021. Tania L. Johnson, Fiscal Officer May 21 2026 LWOO0523266