HomeMy WebLinkAboutCCRes_72-23~..
RESOLUTION 72-23
RESOLUTION ESTABLISHING ROSEVILLE
STATE BANK AS DEPOSITORY FOR MUNICIPAL
LIQUOR STORE FUNDS
A. The Village Council of the Village of Falcon
Heights has heretofore adopted an ordinance establishing
and regulating the operation of a municipal retail liquor
dispensary;
B. Said -ordinance -provi-des that the Village
Council shall by resolution establish a municipal liquor
dispensary fund in which all revenues received from the
operation of the dispensary shall be deposited in a fund
from which all ordinary operating expenses shall be paid;
C. The Village Council on June 8, 1972 adopted
a resolution authorizing the issuance and public-sale of
$100,000 Municipal Building Revenue Bonds of 1972;
D. Section 7 of said resolution authorizes and
directs the Village Treasurer to.establish and maintain a
Liquor Dispensary Fund with-certain subaccounts, and Section
• 8 of said resolution provides for the maintenance of a bank
account separate from all other accounts of the Village in
which shall be kept the funds of the sinking and interest
account and reserve account in said Liquor Dispensary Fund
in a bank mutually acceptable to the Council and the pur-
chaser of the bonds.
E. The Village of Falcon Heights does not have
a bank within its boundaries.
I+~flW THEREFORE BE IT RESOLVED by the Village
Council of the Village of Falcon Heights that the Rose-
ville State Bank in Roseville, Minnesota is hereby desig-
nated as depository for all funds in the Liquor Dispensary
Fund created pursuant to Section 7 of said resolution
,authorizing the issuance of said bonds, subject to the
separate accounts established for said Fund, and that
collateral shall be furnished by the Roseville State Bank
as required by law. -~
~ ~.
_-~'
_-
Attest: Willis C. A. Warkentien, Mayor
ewan B . Barnes, . Clerk -Achni.nistrator