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HomeMy WebLinkAbout338 - ADMIN Resolution - City Council - 1956/11/121 1 Resolution No. 338 Adopted November 12, 1956 AUTHORIZING INVESTMENT OF SURPLUS FUNDS IN TIME DEPOSITS AND GOVERNMENT BONDS RESOLVED, by the City Council of the City of St. Louis Park that the Director of Finance be hereby authorized to deposit surplus funds available from time to time in any account of the City on time deposit with any bank authorized by the Council as a depositary for City funds at such rate of interest as the bank shall be currently paying for such time deposits; the maturity of the time deposit in any case shall not be later than the time when said surplus funds shall be needed as estimated by the Director of Finance. BE IT FURTHER RESOLVED that the Director of Finance be authorized to invest surplus funds in any account of the City, not currently required for any City purpose, in bonds or negotiable certificates of the United States and to sell such Government securities at the current market price at any time the funds so invested are required for City purposes. Resolution No. 339 Adopted November 12, 1956 RESOLUTION DESIGNATING DEPOSITORY FOR CITY FUNDS RESOLVED by the City Council of the City of St. Louis Park that the Park Plaza State Bank of St, Louis Park, Minnesota be hereby designated as a depository for the funds of this City, not to exceed however, the amount of 300;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 required by said bank in the name of the City, and to deposit, or cause to be deposited in such account or accounts, any monies, checks, drafts, orders, notes or other instruments for the payment of money. BE IT FURTHER RESOLVED that untillfurtherrnotice of the City Council by resolutions, withdrawals from the account or accounts shall be upon written order of the Treasurer, countersigned by the City Manager and the City Clerk. BE IT FURTHER RESOLVED that this notice shall continue in force until written notice of its recision or modification has been received by said Bank. BE IT FURTHER RESOLVED that said Bank deposit with the Marquette National Bank of Minneapolis, Minnesota, as security, for such deposit such securities as may be approved by the City Council in amount required by law.