HomeMy WebLinkAboutRES 85-005 RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORY FOR CITY FUNDS . Meeting Sheet
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102449
Box: 23
Folder: RES 1985
Document: RES 85-005 RESOLUTION DESIGNATING THE OFFICIAL
DEPOSITORY FOR CIN FUNDS
RESOLUTION 85-005
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 investmentsy 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,
provided that this is the highest rate offered.
FURTHER RESOLVED that the City Clerk shall prepare a quarterly report for the
City Manager and the 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 investments 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 pur-
chases 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 investments.
• 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 ,
1985, or until written notice of its recision or modification 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 resolut-ion.
Adopted this gih day of as h U_ZLr-.( 1985.
Mayor
ATTEST C!ata"_9 49,
Cl-!.y Clerk
_ Reviewed for administration:
_ City Manager