HomeMy WebLinkAbout3 - ADMIN Resolution - City Council - 1955/01/10Resolution - No. 3 ' Adopted January 10, 1955
The following resolution having been read by the Clerk, it was moved by
Councilman Bolmgren, seconded by Councilman Jorvig that said resolution was ad-
opted by unanimous vote of all^Members of the Council present:
RESOLUTION DESIGNATING DEPOSITORY FOR CITY FUNDS
RESOLVED that the NORTHWESTERN NATIONAL BANK'OF MINNEAPOLIS be hereby desig-
nated as a depository for the funds of this City, not to exceed however, $1,200,000.00
at any one time, and the Treasurer is hereby authorized to open or continue an
account or accounts with said Bank on such terms as have been required by said
Bank heretofore, in the -name of the City, and to deposit or cause to be deposited
in such account or accounts, any money, checks, drafts, orders, notes,' or other
instruments for the payment of money.
RESOLVED FURTHER, that checks, warrants, or other withdrawal orders issued
against the funds of this City on deposit with said Bank shall be signed by the
City Manager, City Clerk, and City Treasurer.
RESOLVED FURTHER, that said Bank deposit with the Federal Reserve Bank of Minnea-
polis as security for such deposit, such securities as may be approved by the City
Council in the amount required by law
Resolution - No. 4 Adopted January 10, 1955
The following resolution having been read by the Clerk, it was moved by
Councilman Davis, seconded by Councilman Bolmgren that said resolution be adopted
by unanimous vote of all Members of the Council present:
RESOLUTION DESIGNATING DEPOSITORY FOR CITY FUNDS
RESOLVED by the City Council of the City of St,. Louis Park that the NORTH_
WESTERN NATIONAL BANK OF HOPKINS, MINNESOTA be hereby designated as a depository
for funds of the City, and the Treasurer of the City is hereby directed to deposit
in said Bank all receipts of the City for licenses, inspection fees, permits, fines,
and such other funds as may be directed by the City Council, provided that the agg-
regate amount bf said deposits with said Repository Bank shall not exceed $150,000.00
at any one time; and provided that said Bank deposits with the Federal Reserve Bank
of Minneapolis for the Treasurer of the City, securities of such kind and amount as to
comply with Mason's Minnesota Statutes, 1927, Section 1973-1, and furnishes the
Treasurer of the City with an assignment of said securities as provided by said
statute, and
RESOLVED FURTHER that until further order of the City Council by resolution,
withdrawals from said account shall be upon the written order of the Treasurer,
countersigned by the City Manager and City Clerk, payable only to the NORTHWESTERN
NATIONAL BANK OFtMINNEAPOLIS or CITIZENS STATE BANK 0? ST. LOUIS, PARK, MINNESOTA
for deposit to the account of the City.
i