HomeMy WebLinkAboutRES 80-005 RESOLUTION DESIGNATING MAYOR PRO TEM FOR CALENDAR YEAR 1980 Meeting Sheet
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102794
Box: 23
Folder: RES 1980
Document: RES 80-005 RESOLUTION DESIGNATING MAYOR PRO TEM
FOR CALENDAR YEAR 1980
RESOLUTION 80-005
A RESOLUTION DESIGNATING THE OFFICIAL
DEPOSITORY FOR CITY FUNDS
BE IT RESOLVED by the City Council of the City of St. Anthony, that
•►- the St. Anthony National Bank 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 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 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
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 report shall 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 Treasurer, countersigned by the
City Manager and the Mayor.
FURTHER RESOLVED .that this notice shall continue in force until
December 31, 1980, 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
National -Bank a copy of this resolution.
Adopted this day of ��,rtic_ �y , 1980.
Mayor
ATTEST: 4
- -
City Clerk � J
Reviewed for Administration:
City Cpager