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1130 <br />FALCOAi Heights <br />State Bank <br />Sinking Fund <br />Account <br />Minnesota, be and hereby is designated as a depository for the <br />funds of the Village of Falcon Heights, and that the Village <br />Treasurer is authorized to deposit general Village Funds <br />therein to the amount of forty-five thousand dollars (ffil~5,000.) <br />RESOLVED FURTHER, That the Present Collateral furnished by the <br />Falcon Heights State Bank consisting of fortes thousand dollars <br />($lt0,000.) face value of •U. S. Government Obligations accompanied <br />by an assignment providing that in case of default on the part <br />of the Falcon Heights State Bank, the council has full power and <br />authority to sell ,the collateral or so much as may be necessary <br />to realize the full amount due the municipality, is hereby <br />approved, said collateral having a market value in excess of 10~ <br />over the amount of the above authorized deposit in excess of the <br />amount guaranteed by the Federal Deposit Insurance Corporation. <br />RESOLVED FURTHER, That checks of the Village of Falcon Heights <br />drawn upon the sand bank account shall be honored by said bank only <br />if signed by the Mayor, the Clerk and the Treasurer of the <br />Village of Falcon Heights, Minnesota. <br />RESOLVED FURTHER, that this designation shall be effective only <br />until the end of the present council year. <br />The following Resolution was moved by Warkentien, seconded by <br />Shavor and adopted unanimously: <br />RESOLVED, That the Falcon Heights State Bank of Falcon Heights, <br />Minnesota, be and hereby is designated as a depository for the <br />funds of the Village of Falcon Heights, and that the Village <br />Treasurer is authorized to deposit Village funds therein to the <br />amount of one-hundred-thousand dollars ($100,000.) belonging to <br />the "Village of Falcon Heights, Minnesota, Sanitary Suer System, <br />Improvement No. 1, Sinking Fund Account." <br />RESOLVED FURTHER, That the present collateral furnished by Falcon <br />Heights State Bank consisting of one-hundred-fifteen-thousand <br />$115,000.) face value of U. S. Treasury Bonds accompanied by an <br />assignment providing that in case of default on the part of <br />Falcon Heights Bank, the Council has full power and authority <br />to sell the collateral or so much as may be necessary to realize <br />the full amount due the municipality, is hereby approved, said <br />collateral having a market value in excess of 10~ over the <br />amount of the above authorized deposit in excess of the amount <br />guaranteed by the Federal Deposit Insurance Corporation. <br />RESOLVED FURTHER, That checks of the Village of Falcon Heights <br />drawn upon the ~aid<'.bank account shall be honored by said bank <br />only if signed by the Mayor, the Clerk and the Treasurer of the <br />Village of Falcon Heights, Minnesota. <br />RESOLVED FURTHER, That this designation shall be effective only <br />until the end of the present council year. <br />1 <br />1 <br />