HomeMy WebLinkAbout4483 - ADMIN Resolution - City Council - 1972/04/17ORIGINAL
RESOLUTION NO., 4,1 8
APRIL 17, 1972
7C1
RESOLUTION DESIGNATING DEPOSITORIES FOR
CITY FUNDS
BE IT RESOLVED by the City Council of the City of St. Louis Park that
Citizens State Bank of St. Louis Park, St. Louis Park, Minnesota, be hereby
designated as a depository for the funds of the City, not to exceed, however,
the amount of $2,450,000 at any one time; that the Marquette National Bank
of Minneapolis, Minneapolis, Minnesota, be hereby designated as a depository
for the funds of this City, not to exceed, however, the amount of $920,000
at any one time; that the First Western State Bank of St. Louis Park,
St. Louis Park, Minnesota be hereby designated as a depository, for the
funds of this City, not to exceed, however, the amount of $933,500 at
any one time; that the Park National Bank of St. Louis Park, St. Louis Park,
Minnesota be hereby designated as a depository for the funds of this City,
not to exceed, however, the amount of $929,000 at any one time, that the
First National Bank of Hopkins, Hopkins, Minnesota be hereby designated
as a depository for the funds of this City, not to exceed, however, the
amount of $515,000 at any one time, that the First Plymouth National Bank
of Minneapolis, Minneapolis, Minnesota, be hereby designated as a
depository for the funds of this City, not to exceed, however, the amount
of $200,000 at any one time, and that the Americana State Bank of Edina,
Edina, Minnesota, be hereby designated as a depository for the funds of
this City, not to exceed, however, the amount of $750,000 at any one time,
and the Treasurer is hereby authorized tocpen or continue an account or
accounts with said banks on such terms as required by said banks 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, upon compliance by said depositories with this
resolution and the law in such case provided.
BE IT FURTHER RESOLVED, that until further notice of the City Council
by resolution, 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 the designation shall continue in
force until December 31, 1972, or until written notice of its recision
or modifications has been received by said banks.
BE IT FURTHER RESOLVED, that the First Western State Bank of St. Louis
Park and the Americana State Bank of Edina deposit with the Northwestern
National Bank of Minneapolis and that Citizens State Bank of St. Louis Park
deposit with the Marquette National Bank of Minneapolis, Minneapolis, Minnesota,
and that the Park National Bank of St. Louis Park, St. Louis Park, Minnesota
deposit with the First National Bank and the Federal Reserve Bank of
Minneapolis, Minneapolis, Minnesota, and that the First National Bank
of Hopkins, Hopkins, Minnesota, and the Marquette National Bank of
Minneapolis, Minneapolis, Minnesota, and the First Plymouth National
A
Bank of Minneapolis, Minneapolis, Minnesota deposit with the Federal
Reserve Bank of Minneapolis, Minneapolis, Minnesota, as security for
such deposits, such securities as may be approved by the City Council
in the manner and amount required by law.
Adopted by the City Co 1 April 17, •
Atte t:
6;er
City Clerk
Revie for .inistration:
Ar
4111M -
=nag ��
Mayor
App ved as to for ndlegality:
_ City ttorney
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