RES 84-006 RESOLUTION DESIGNATING THE OFFICAL DEPOSITORY FOR CITY FUNDS

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RESOLUTION 84-006 A RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORY FOR CITY FUNDS • BE IT RESOLVED by the City Council of the City of St. Anthony, that the St. Anthony National Bankis hereby designated as a depository for the funds of the City and that said bank shall also be -the bank .for this City with respect to any/all other banking services required or used by this City provided, however .that. in the event the City has occasion to purchase U.S. Treasury Bills, U.S . Treasury Notes, C..D. 's , or other similar investments, the City shall solicit from the St. Anthony National Bank, and from any other interested banking institutions , the rate of interest each institution is willing to pay; and the City shall pur- chase said U.S. Treasury Bills , U.S. Treasury Notes , . C.D.. 's , or similar investments from the institution offering the highest rate to the City. If any institution offers the same rate of interest as the interest rate offered by the St. Anthony National Bank, the purchase shall be made from the St. Anthony National Bank, provided that this is the highest rate offered. FURTHER RESOLVED that .the .City Clerk-shall prepare a quarterly report for the City 'Manager. and City ,Council which report shall be in writing and included in the agenda for the following Council meeting; and which reportshall contain a summary . for .the preceding period of all U.S. Treasury Bills , U.S. Treasury Notes, C.D. 's , and similar invest- ments purchased by the City during such period. Said report shall contain a separate listing of all such purchases made out of the general fund, all such purchases made out of the liquor fund, and all such purchases .made out of any other City fund: The report shall • contain for each such purchase a schedule of the interest rates offered by the institutions solicited and the interest rate on current invest- ments . FURTHER RESOLVED withdrawals from the account or accounts shall be made only upon -written order of the Finance. Director, countersigned by the City Manager and Mayor. FURTHER RESOLVED that this notice- shall continue in force until December 31, 1984 , or until written notice of its recision or modifi- cation has been received by said bank. FURTHER RESOLVED that said bank deposit such securities . in the amount and in the manner required by law. FURTHER RESOLVED that the City Manager be authorized to accept such securities as collateral as required .by law, and that said collateral . , ,..,be deposited at the St. Anthony National Bank for safekeeping. FURTHER'-RESOLVED- the City Clerk shall transmit to the St. Anthony -fATat ,onalBank a . copy of this resolution. `-Addp`ted this day of :3 1984 . ` . Mayor ATTEST: , City Clerk Reviewed for administration: City Manager