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~.. <br />RESOLUTION 72-23 <br />RESOLUTION ESTABLISHING ROSEVILLE <br />STATE BANK AS DEPOSITORY FOR MUNICIPAL <br />LIQUOR STORE FUNDS <br />A. The Village Council of the Village of Falcon <br />Heights has heretofore adopted an ordinance establishing <br />and regulating the operation of a municipal retail liquor <br />dispensary; <br />B. Said -ordinance -provi-des that the Village <br />Council shall by resolution establish a municipal liquor <br />dispensary fund in which all revenues received from the <br />operation of the dispensary shall be deposited in a fund <br />from which all ordinary operating expenses shall be paid; <br />C. The Village Council on June 8, 1972 adopted <br />a resolution authorizing the issuance and public-sale of <br />$100,000 Municipal Building Revenue Bonds of 1972; <br />D. Section 7 of said resolution authorizes and <br />directs the Village Treasurer to.establish and maintain a <br />Liquor Dispensary Fund with-certain subaccounts, and Section <br />• 8 of said resolution provides for the maintenance of a bank <br />account separate from all other accounts of the Village in <br />which shall be kept the funds of the sinking and interest <br />account and reserve account in said Liquor Dispensary Fund <br />in a bank mutually acceptable to the Council and the pur- <br />chaser of the bonds. <br />E. The Village of Falcon Heights does not have <br />a bank within its boundaries. <br />I+~flW THEREFORE BE IT RESOLVED by the Village <br />Council of the Village of Falcon Heights that the Rose- <br />ville State Bank in Roseville, Minnesota is hereby desig- <br />nated as depository for all funds in the Liquor Dispensary <br />Fund created pursuant to Section 7 of said resolution <br />,authorizing the issuance of said bonds, subject to the <br />separate accounts established for said Fund, and that <br />collateral shall be furnished by the Roseville State Bank <br />as required by law. -~ <br />~ ~. <br />_-~' <br />_- <br />Attest: Willis C. A. Warkentien, Mayor <br />ewan B . Barnes, . Clerk -Achni.nistrator <br />