HomeMy WebLinkAboutCC RES 92-005 RESOLUTION DESIGNATING OFFICIAL DEPOSITORY FOR CITY FUNDS Meeting Sheet
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Box: 26
Folder: RES 1992
Document: CC RES 92-005 RESOLUTION DESIGNATING OFFICIAL
DEPOSITORY FOR CIN FUNDS
CITY OF ST. ANTHONY
RESOLUTION 92-005
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.'s,
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, 1992,
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 / 4/ 4 day of , 1992.
Mayor
ATTEST:
City Clerk
• Reviewed for administration:
City Manager