CC RES 94-005 RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORY FOR CITY FUNDS

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CITY OF ST. ANTHONY RESOLUTION 94-005 A RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORY FOR CITY FUNDS BE IT RESOLVED by the City Council of the City of St. Anthony, that the Firstar St-. Anthgny_-Rar* is 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 Firstar St. Anthony Bank, and from any other approved 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 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 Firstar St. Anthony Bank, the purchase shall be made from the Firstar St. Anthony Bank, provided that this is the highest rate offered. • FURTHER RESOLVED that the City Finance Officer shall prepare a quarterly report for the City Manager and the City 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 preceding 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 the institutions solicited and the interest rate on current investments. FURTHER RESOLVED that this notice shall continue in force until December 31, 1994, or until written notice of its recision or modification 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 Firstar St. Anthony Bank for safekeeping.