HomeMy WebLinkAbout4717 - ADMIN Resolution - City Council - 1973/01/02ORIGINAL
JANUARY 2, 1973
7C
RESOLUTION NO.4 0 1 A
RESOLUTION APPROVING SECURITIES FOR COLLATERAL
FROM AMERICANA STATE BANK OF EDINA, EDINA, MINNESOTA
WHEREAS, the Americana State Bank of Edina, a City Depository,
has heretofore presented as collateral $1,200,000 as follows:
$750,000 Federal National Mortgage Assn., 6.125%, due 9-10-73
$100,000 Federal National Mortgage Assn., 6.759%, due 6-12-73
$350,000 U.S. Treasury Bills, due 8-28-73
now in safekeeping with the Northwestern National Bank of Minneapolis,
Minneapolis, Minnesota (Resolution No. 4490 and 4665), and
WHEREAS, the Americana State Bank of Edina, a City Depository
now has presented as additional collateral $500,000 as follows:
$500,000 Export Import Banks, 5.70%, due 12-1-76
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
Attest:
ItJCZj/-*14.0,e
ity Clerk
Reviewed for a
z C,
nistration: Appyoved as to form and legality:
City Manager