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~ - - AS DEPOSITORY F'OR:VILLAGE OF"-FAhCO """ <br />i <br />~' <br />- RESOLVED, That Falcon Heights State Bank of Falcon <br /> Heights, Minnesota, be and hereby is designated as a depository <br /> for the funds of the village of Falcon Heights. The villag® <br /> treasurer is authorized to deposit village funds therein to the <br /> amount of Sixty Thousand Dollars 060,000.00).. <br /> RESOLVED ALSO, That before any deposits are made in <br /> .said bank in excess of the amount of such deposit guaranteed by <br /> the Federal Deposit Insurance Corporation, such bank shall be <br /> ,required to supply to the village a corporate surety bond in the <br /> amount of Seventy Thousand Dollars 070,000.00), subject to the <br />~,,,~ approval of the village council and conditioned to repay the <br />f+ <br />~,_ ~ above amount or any part there of upon proper demand therefor and <br /> <br />I to perform such other duties in connection with said deposit as <br />~ the council may require. In lieu of this bond such bank may <br /> furnish such collateral as is permitted by law, having a market <br />~.__~__ value of an amount at least ten per cent over the amount of the- <br /> above authorized deposit. All such collateral shall be approved <br /> by the council and shall be accompanied by an assignment thereof <br />which shall provide that in case of default upon the part of the <br />depository the council of the village shall have full power and <br />authority to sell such collateral or as much as may be necessary <br />to realize the full amount due the municipality over such federal <br />guarantee. <br />~~ <br />This designation is effective until the end of~the present <br />council year.. <br />Dated May // , 1949. <br />Approved, <br />Attest: <br />~? _-_. <br />C le rk <br />President of Council <br />