CC RES 77-005 RESOLUTION DESSGNATING DEPOSITORY FOR CITY FUNDS

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• RESOLUTION 77-005 A RESOLUTION DESIGNATING DEPOSITORY FOR CITY FUNDS BE IT RESOLVED by the City Council of the City of St. Anthony, that the State Bank of St. Anthony Village is hereby designated as a depository for the funds of this City and that said bank shall also be the bank for this City with respect to any/all other banking ser- vices 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 State Bank of St. Anthony and from any other inter- ested banking institutions, the rate of interest each institution is willing to pay, and the City shall purchase said U.S. Treasury Bills , U.S. Treasury Notes, C.D. 's or similar investment 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 State Bank of St. Anthony Village the purchase shall be made from the State Bank of St. Anthony Village provided taht this is the highest rate offered. RESOLVED FURTHER, that the City Manager shall prepare a regular report for the Council which report shall be in writing and included in the agenda for the following Council meeting, and which report shall contain a summary for the preceeding period of all U.S. Treasury Bills , U.S . Treasury Notes , C.D. 's and similar investments 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 any of the institutions de- sirable by the City Manager. RESOLVED FURTHER, withdrawals from the account or accounts shall be made only upon written order of the Treasurer, countersigned by the City Manager and the Mayor. RESOLVED FURTHER, that this notice shall continue in force until December 21st, 1977 or until written notice of its recision or modifi- cation has been received by said bank. RESOLVED FURTHER, that said bank deposit such securities in the amount and in the manner required by law. RESOLVED FURTHER, that the City Manager be authorized to accept such securities as collateral as required by law, and that said colla- teral be deposited at the State Bank of St. Anthony Village for safe- keeping. ADOPTED: January 4, 1977 M or • ATTEST: 45:�2 City Clerk AAA Ci :MJ z7 e