HomeMy WebLinkAboutCC RES 90-005 RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORY FOR CITY FUNDS Meeting Sheet
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103654
Box: 26
Folder: RES 1990
Document: CC RES 90-005 RESOLUTION DESIGNATING THE OFFICIAL
DEPOSITORY FOR CIN FUNDS
RESOLUTION 90-005
A RESOLUTION DESIGNATING THE OFFICIAL
DEPOSITORY FOR CITY FUNDS
BE IT RESOLVED by the City Council of the City of St. Anthony, that
the Firstar St. Anthony 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. Is, or other
similar investments, the City shall solicit from the Firstar
St. Anthony 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 Firstar St. Anthony Bank, the purchase
shall be made from the Firstar St. Anthony Bank, provided that
this is the highest rate offered.
FURTHER RESOLVED that the City Finance Officer 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 , 1990, 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 Firstar St. Anthony Bank for
safekeeping.
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FURTHER RESOLVED that the City Clerk shall transmit to the Firstar
St. Anthony Bank a copy of this resolution.
Adopted this day of �a r�.r�cz�r ! , 1990 .
Mayor Pro Tem
ATTEST:
City Clerk
Reviewed for administration:
City Manager
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