HomeMy WebLinkAboutRES 81-005 RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORY FOR CITY FUNDS Meeting Sheet
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102696
Box: 23
Folder: RES 1981
Document: RES 81-005 RESOLUTION DESIGNATING THE OFFICIAL
DEPOSITORY FOR CIN FUNDS
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RESOLUTION 81-005
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 Mayor.
FURTHER RESOLVED that this notice shall continue in force until
December 31, 1981, 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 /3±6 day of 1981.
Mayor
-ATTEST:
City Clerk
Reviewed for administration:
Ci Manager