HomeMy WebLinkAbout4716 - ADMIN Resolution - City Council - 1973/01/02ORIGINAL
JANUARY 2, 1973
7B
RESOLUTION NO.4 1 1 6
RESOLUTION INCREASING DESIGNATED MAXIMUM
AMOUNT TO BE KEPT IN DEPOSITORY
WHEREAS, the City Council has heretofore in Resolution No. 4664
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 $1,100,000 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 $1,550,000 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 Ci
Council Januar-40r 1j •.
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Iayor
Reviewed for administration: App oved as to form and legality:
City Manag
City ijvftorney