HomeMy WebLinkAbout4579 - ADMIN Resolution - City Council - 1972/07/17JULY 17, 1972
712
RESOLUTION NO. 457 S-1
RESOLUTION APPROVING SECURITIES FOR
COLLATERAL FROM FIRST WESTERN STATE
BANK OF ST. LOUIS PARK, MINNESOTA
WHEREAS, the First Western State Bank of St. Louis Park, a City
Depository, has heretofore presented as collateral $1,015,000.00 as follows:
$260,000.00 U. S. Treasury Notes, Ser. D., 7k°h, due 5-15-74
$225,000.00 U. S. Treasury Notes, Ser. E., 5,, due 8-15-72
$530,000.00 U. S. Treasury Notes, Ser. A., 63%, due 2-15-78
now in safekeeping with the Northwestern National Bank of Minneapolis,
Minneapolis, Minnesota (Resolution No. 4436), and
WHEREAS, the First Western State Bank of St. Louis Park, a City
Depository, now has presented as additional collateral $400,000 as
follows:
$200,000 Federal Land Banks, 6.35%, due 10-20-77
$200,000 Federal National Mortgage Ass'n, 6.557,, due 12-10-79
which is to be placed in safekeeping with the Northwestern National Bank
of Minneapolis, Minneapolis, Minnesota, therefore
BE IT RESOLVED by the City Council of the City of St. Louis Park,
Minnesota, that the treasurer be authorized to accept said securities
as collateral and that said collateral be deposited with the Northwestern
National Bank of Minneapolis, Minneapolis, Minnesota for safekeeping.
Adopted by the City Council July 17, 1972.
Attest:
City Clerk
Reviewed for adminis
tration:
4
City Manager
Mayor
Approved as to form and legality:
City Attorney