HomeMy WebLinkAbout4762 - ADMIN Resolution - City Council - 1973/02/12ORIGINAL
RESOLUTION NO.
4762
FEBRUARY 12, 1973
7D
RESOLUTION AUTHORIZING THE RELEASE OF SECURITIES
AND APPROVAL OF SUBSTITUTED SECURITIES OF
MARQUETTE NATIONAL BANK OF MINNEAPOLIS, MINNESOTA
WHEREAS, the Marquette National Bank of Minneapolis, a duly
designated depository of the City, has requested the release of
the following securities:
$1,000,000 U. S. Treasury Bills, due February 28, 1973
which have heretofore been pledged as collateral security for the
account of the City with such depository, and
WHEREAS, the said depository has substituted for the securities
requested to be released as described above, the following securities:
$50,000 Douglas County, Wisc. Bonds, 4.50% due 1-1-86
$50,000 Peru, Indiana, School Bldg. Bonds, 5.00%, due 1-1-87
$50,000 Vigo Co., Indiana, School Bldg. Bonds, 5.00%, due 741-86
$50,000 ISD No. 271, Bloomington, Minn., School Bldg. Bonds,
5.90%, due 2-1-87
$50,000 Madison County, Tenn., Bonds, 4.10%, due 3-1-83
$50,000 New York City, G.O. Bonds, 4.75%, due 2-1-83
$50,000 Owatonna, Minn. ISD NO. 761, School Bldg. Bonds,
4.00%, due 2-1-75
$50,000 North Haven, Conn., Bonds, 4.30%, due 3-15-80
$50,000 Benton County, Oregon, School Bldg. Bonds,
4.40%, due 4-1-83
$50,000 Johnston Area, Penn., School Bldg. Bonds,
4.50%, due 11-1-30
$50,000 Lake County, I11., Pub. Bldg Comm. Bonds,
4.50%, due 6-1-83
by depositing the same with the Federal Reserve Bank of Minneapolis,
Minnesota for safekeeping, to be collateral security for the account
of the City with such depository, therefore
BE IT RESOLVED by the City Council of the City of St. Louis Park,
that the City Treasurer is hereby authorized to release and return to
said depository the following securities:
$1,000,000 U. S. Treasury Bills, due February 28, 1973
and that the securities above listed as being substituted in the amount
of $550,000 are hereby approved as collateral for the City account
with the Marquette National Bank of Minneapolis, Minneapolis,
Minnesota, and their deposit for safekeeping with Federal Reserve
Bank of Minneapolis as above mentioned is hereby approved.
Adopted by the City Council Febr r ry 12, 1973.
Attest:
44M
City Clerk
Reviewed for administration:
Mayor
Apprpved as to form and legality:
City Manager City Attorney
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