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RESOLUTION 90-005 <br /> A RESOLUTION DESIGNATING THE OFFICIAL <br /> DEPOSITORY FOR CITY FUNDS <br /> BE IT RESOLVED by the City Council of the City of St. Anthony, that <br /> the Firstar St. Anthony Bank is hereby designated as a <br /> depository for the funds of the City and that said bank shall <br /> also be the bank for this City with respect to any/all other <br /> banking services required or used by this City provided, <br /> however, that in the event the City has occasion to purchase <br /> U.S. Treasury Bills , U.S. Treasury Notes , C.D. Is, or other <br /> similar investments, the City shall solicit from the Firstar <br /> St. Anthony Bank, and from any other approved institutions, <br /> the rate of interest each institution is willing to pay; and <br /> the City shall purchase said U.S. Treasury Bills, U.S. <br /> Treasury Notes, C.D. 's, or similar investments from the <br /> institution offering the highest rate to the City. If any <br /> institution offers the same rate of interest as the interest <br /> rate offered by the Firstar St. Anthony Bank, the purchase <br /> shall be made from the Firstar St. Anthony Bank, provided that <br /> this is the highest rate offered. <br /> FURTHER RESOLVED that the City Finance Officer shall prepare a <br /> • quarterly report for the City Manager and the City Council <br /> which report shall be in writing and included in the agenda <br /> for the following Council meeting; and which report shall <br /> contain a summary for the preceding period of all U.S. <br /> Treasury Bills , U.S. Treasury Notes , C.D. 's, and similar <br /> investments purchased by the City during such period. Said <br /> report shall contain a separate listing of all such purchases <br /> made out of the general fund, all such purchases made out of <br /> the liquor fund, and all such purchases made out of any other <br /> City fund. The report shall contain for each such purchase <br /> a schedule of the interest rates offered by the institutions <br /> solicited and the interest rate on current investments. <br /> FURTHER RESOLVED that this notice shall continue in force until <br /> December 31 , 1990, or until written notice of its recision or <br /> modification has been received by said bank. <br /> FURTHER RESOLVED that said bank deposit such securities in the <br /> amount and in the manner required by law. <br /> FURTHER RESOLVED that the City Manager be authorized to accept such <br /> securities as collateral as required by law, and that said <br /> collateral be deposited at the Firstar St. Anthony Bank for <br /> safekeeping. <br /> • <br />