HomeMy WebLinkAboutRES 83-004 RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORY FOR CITY FUNDS Meeting Sheet
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102553
Box: 23
Folder: RES 1983
Document: RES 83-004 RESOLUTION DESIGNATING THE OFFICIAL
DEPOSITORY FOR CIN FUNDS
RESOLUTION 83-004
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 pur-
chase 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'."5 . 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 .
nvest-menis .
FURTHER RESOLVED ::withdrawals from the account or accounts shall be
made only. upon written order of. the .Finance Director, countersigned
by the City Manager and Mayor.
FURTHER RESOLVED that this notice shall continue-in force until
December 31, 1983 , 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.
F.�dopted, this _day ofnil I!-t-.J 1983.
-� Mayor
-Alf TEST'.- L �-
Cl y Clerk r
Reviewed for administration:
City Manager