HomeMy WebLinkAbout4842 - ADMIN Resolution - City Council - 1973/06/18ORIGINAL
JUNE 18, 1973
7B
RESOLUTION NO. 4842
RESOLUTION DECREASING DESIGNATED MAXIMUM AMOUNT
TO BE KEPT IN DEPOSITORY AND AUTHORIZING THE
RELEASE OF SECURITIES
WHEREAS, the City Council has heretofore in Resolution No. 4716
designated the Americana State Bank of Edina, Edina, Minnesota, as
an official depository of the City, and has by the above Resolution
No. 4716 set a maximum designated amount to be kept there at any
one time in the sum of $1,550,000, and
WHEREAS, there is $350,000.00 of collateral pledged and
unneeded for City use at present interest rates and the bank
has requested the release thereof, and the maximum designated amount
should now be the sum of $1,235,000.00, 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 decreased to $1,235,000.00, and the City Treasurer be
hereby authorized to release and return to said depository the
following collateral, in accordance with the requirements of law
in such case provided.
$350,000.00 U. S. Treasury Bills, due August 28, 1973
City Clerk
Reviewed for administration: Appro�ted as to form and legality:
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Adopted by the City •uncil Jun- :, 1•
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City Manager City A i orney