HomeMy WebLinkAbout4664 - ADMIN Resolution - City Council - 1972/10/16ORTGTNAL
OCTOBER 16, 1972
7B
RESOLUTION NO. 4664
RESOLUTION INCREASING DESIGNATED MAXIMUM
AMOUNT TO BE KEPT IN DEPOSITORY
WHEREAS, the City Council has heretofore in Resolution No. 4483
designated the Americana State Bank of Edina, Edina, Minnesota,
as an official depository of the City with a maximum designated
amount to be kept there in the sum of $785,000 at any one time,
and
WHEREAS, it is now determined that the City in the immediate
future will require the deposit of sums in excess thereof,
therefore
BE IT RESOLVED by the City Council of the City of St. Louis
Park that the maximum amount designated to be kept in the Americana
State Bank of Edina as an official designated depository of the
City be increased to $1,100,000 and the said depository be
required to increase its deposit of collateral in accordance
with the requirements of law in such case provided.
Adopted by the City Council October 16, 1972.
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Reviewed for administration: Approved as to form and legality:
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City Manager City A orney