HomeMy WebLinkAboutRES 76-005 RESOLUTION DESIGNATING REPOSITORY FOR CITY FUNDS Meeting Sheet
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Document: HRA RES 76-005 RESOLUTION DESIGNATING REPOSITORY
FOR CIN FUNDS
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USOLUTION NO. 76-005
:z-' A RFSOLMION DB<SIGNAT3:ffG DEPDSITORr
FOR CITY FUNDS
%! BE IT RESOLVED b the 'Ci
! Y City',Council of the City of St. Anthony, the
State. Bank of St. Anthony' Village is hereby designated as a depository frtthat the funds
of this Cit and that said bank shall also be the b
Y bank for this City with respect to
any/all other banking services required or used b this Ci
in the event the City has occasion to Y City; Provided, however, that
Purchase U.S. 7�easury 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 interested banking institutions, the rate of interest each
institution is willing to pay, and the CityNotes, shall purchase said U. S. Treasury Bills,
Treasury 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. AnthonyVillage
made from the State Bank of St. AnthonyVillage Y at the purchase_shall be
rate offered.: °Y provided that this is the highest
RESOLVED FURTHERa
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 re
period of all U.S. Treasury port shall contain a summary for the preceeding
� ury Bills, U.S. Treasury Notes, C.D. 's and similar investments! purchased by the City during
of all such such period. Said report shall contain a separate listing
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
fi contain for each such purchase a schedule of the interest rates offered by any of the
institutions desirable by the City Manager.
RESOLVED FURTHER
w
r , ithdrawals from the account or accounts shall be made
only upon written order of the Treasurer, countersigned by the City Manager and the
i, Mayor.
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I RESOLVED FURTHER, that this notice shall continue in force until December
31st, 1976 or until written notice of its recision or modification has been received
by said bank.
RE5OLVID FURTHER, that said bank deposit such securities in the amount
and in the manner required by law.
r RESOLVED FURTHER, that the City Manager be authorized to accept such
securities as collateral as required by law, and that said collateral be deposited
at the State Bank of St. Anthony Village for ansafekeeping.
Adopted January 6, 1976 a
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