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u` <br />is <br />1 <br />1 <br />Depositories In connection with the sale of sewer bonds; discussion <br />of The First National Bank <br />k <br /> e, <br />was held with Mr. S.R. Mans <br />of Saint Paul and with Mr. R.H. Sanford, of the Falcon <br />Discussion with Heights State Bank as to designating a depfor the Sinking <br />d a depository <br />t <br />bank representatives an <br />the Construction Accoun <br />Fund Account. Messrs. Manske and Sanford in turn informed <br /> the council as to the services of their respective banks <br />rd <br />f <br />S <br /> o <br />an <br />in this connection. At their own request, Mr. <br />ft the meeting prior to the council's <br />l <br /> e <br />and Mr. Manske <br /> action on the matter. <br /> Following a further discussion, Shavor introduced and <br /> moved adoption of the following Resolutions <br />Bank Depository <br />RESOLVED, that The First National Bank of Saint Paul, of <br />Resolution Minnesota, be and hereby is designated as a <br />St Paul <br />(Construction , <br />depository for the funds of the Village of Falcon Heights, <br />authorized to deposit <br />i <br />Account) s <br />and that the Village Treasurer <br />Village funds therein to the amount of nine hundred ten <br />r <br /> Village <br />thousand dollars 0910,000), belonging to the <br /> of Falcon Heights, Minnesota, Sanitary Sewer System <br />uction Account' and funds <br />t <br />C <br /> r <br />ons <br />Improvement No. 1 Fund, <br />deposited in said bank account may be withdrawn. upon <br /> checks signed by the Mayor, the Clerk and the Treasurer <br /> of the Village of Falcon Heights, Minnesota. <br /> RESOLVED ALSO, that before any deposits are made iri <br /> said bank in excess of the amount of such deposit <br />Federal Deposit Insurance Corporation, <br />th <br /> e <br />guaranty by <br />such bank shall be required to supply collateral as <br /> permitted by law, having a market value of an amount <br /> at least 10 per cent over the amount of the above <br />d that all such collateral shall <br /> authorized deposit; an <br />be approved by the council and shall be accompanied by <br /> an assignment thereof which shall provide ~ et <br /> 0ouncil <br />of default on the part of the depository, <br /> of the Villag® of Falcon Heights shall have full power <br /> and authority to sell such collateral or as much as <br /> may be necessary to realize the full amount due the <br /> municipality from such federal guarantees. <br /> RESOLVID FURTHER, that this designation is effective <br /> until the end of the present council year. <br /> Seconded by Nilsen and motion carried unanimously.• <br />Bank Depository . <br />Resolution <br />On motion by Utecht, seconded by Stewart, the following <br />(Sinking Fund .resolution was adopted by a unanimous vote: <br />Account) <br />RESOLVED, that the Falcon Heights State Bank, of Falcon <br /> Heights, Minnesota, be and hereby is designated as a <br />f Falcon Heights <br /> , <br />depository for the funds of the Village o <br />authorized to deposit <br />i <br /> s <br />and that the Village Treasurer <br />nds therein to the <br />f <br />a <br />f <br />g <br /> u <br />Village <br />Village <br />to the <br />in <br />belon <br />thousand dollars 0100,000), g g <br /> Sewer S tem <br />of Falcon Heights, Minnesota, Sanitary Ys <br />