HomeMy WebLinkAboutCC RES 95-005 RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORY FOR CITY FUNDS Meeting Sheet
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103336
Box: 26
Folder: RES 1995
Document: CC RES 95-005 RESOLUTION DESIGNATING THE OFFICIAL
DEPOSITORY FOR CITY FUNDS
• CITY OF ST. ANTHONY
RESOLUTION 95-005
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 form 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 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, 1995, 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.
FURTHER RESOLVED, that the City Clerk shall transmit to the Firstar St.
Anthony Bank a copy of this resolution.
Resolution 95-005
Page 2
Adopted this )d day of Z �t e��. , 1995.
4A
Mayor
ATTEST:
City Clerk
Reviewed for administration:
City Ma ger