HomeMy WebLinkAboutRES 84-006 RESOLUTION DESIGNATING THE OFFICAL DEPOSITORY FOR CITY FUNDS Meeting Sheet
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Box: 23
Folder: RES 1984
Document: RES 84-006 RESOLUTION DESIGNATING THE OFFICAL
DEPOSITORY FOR CIN FUNDS
RESOLUTION 84-006
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 Bankis 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 reportshall 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 Finance. Director, countersigned
by the City Manager and Mayor.
FURTHER RESOLVED that this notice- shall continue in force until
December 31, 1984 , 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
-fATat ,onalBank a . copy of this resolution.
`-Addp`ted this day of :3 1984 .
` .
Mayor
ATTEST: ,
City Clerk
Reviewed for administration:
City Manager