HomeMy WebLinkAboutCC RES 94-005 RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORY FOR CITY FUNDS Meeting Sheet
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Box: 26
Folder: RES 1994
Document: CC RES 94-005 RESOLUTION DESIGNATING THE OFFICIAL
DEPOSITORY FOR CIN FUNDS
CITY OF ST. ANTHONY
RESOLUTION 94-005
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-.
Anthgny_-Rar* 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, 1994,
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 1 day of TCL n tLO--r y 1994.
Mayor
ATTEST:
City Clerk
• Reviewed for administration:
City Manager
•