HomeMy WebLinkAboutRES 87-005 RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORY FOR CITY FUNDS Meeting Sheet
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Box: 23
Folder: RES 1987
Document: RES 87-005 RESOLUTION DESIGNATING THE OFFICIAL
DEPOSITORY FOR CIN FUNDS
RESOLUTION 87-005
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 approved 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 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 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 investments.
FURTHER RESOLVED that this notice shall continue in force until
December 31, 1987 , 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.
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FURTHER
2-FURTHER RESOLVED the City Clerk shall transmit to the St. Anthony
National Bank a copy of this resolution.
Adopted this I3�� day of 1987•
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ATTEST:
City Clerk
Reviewed for administration:
City Manager
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