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VL~ts <br />~i <br />Falcon Heights State The following Resolution was moved by Shavor, <br />Bank-Sinking Fund seconded by Nilsen and adopted unanimously: <br />Account <br />General Account RESOLVED FURTHER, That this designation shall <br />(Cont'd} be effective only until the end of the present <br />council year. <br />RESOLVED, That the Falcon Heights State Bank <br />of Falcon Heights, Minnesota, be and hereby is <br />designated as a depository for the funds of the <br />Village of Falcon Heights, and that the Village <br />Treasurer is authorized to deposit Village funds <br />therein to the amount of One hundred thousand <br />Dollars ($100,000.00), belonging to the "Village <br />of Falcon Heights, Minnesota, Sanitary Sewer <br />System, Improvement No, 1, Sinking Fund Account." <br />1 <br />RESOLVED FURTHER, That the present collateral <br />furnished by Falcon Heights State Bank consisting <br />of One Hundred fifteen thousand dollars ($115, 000.00) <br />face value of U. S. Treasury Bonds accompanied by <br />an assignment providing that in case of default <br />on the part of Falcon Heights State Bank, the <br />Council has full power and authority to sell the <br />collateral or so much as may be necessary to <br />realize the full amount due the municipality, <br />is hereby approved, said collateral having a <br />market value in excess of 10~ over the amount <br />of the above authorized deposit in excess of the <br />amount guaranteed by the Federal Deposit Insurance <br />Corporation. <br />RESOLVED FURTHER, That checks of the Village of <br />Falcon Heights drawn upon the said bank account <br />shall be honored by said bank only if signed by <br />the Mayor, the Clerk and the Treasurer of the <br />Village of Falcon Heights, Minnesota. <br />RESOLVED FURTHER, That this designation shall be <br />effective only until the end of the present council <br />year. <br />1 <br />First National The following Resolution was moved by Shavor, <br />Bank - Construe- seconded by Nilsen and adopted unanimously: <br />tion Fund Account <br />RESOLVED, That the First National Bank of Saint <br />Paul, of St. Paul, Minnesota, be and hereby is <br />designated as a depository for the funds of the <br />Village of Falcon Heights, and that the Village <br />Treasurer is authorized to deposit Village funds <br />therein .to the amount of Fifty thousand dollars <br />($50, 000.00) belonging to the "Village of Falcon <br />Heights, Minnesota, Sanitary Sewer System, Improve- <br />ment No. 1, Construction Fund Account." <br />