HomeMy WebLinkAbout4865 - ADMIN Resolution - City Council - 1973/07/16ORIGINAL
JULY 16, 1973
7C
RESOLUTION NO. 4 8 6 5
DECREASING DESIGNATED MAXIMUM AA1OUNT
TO BE KEPT IN DEPOSITORY
WHEREAS, the City Council has heretofore in Resolution No. 4483
designated the First Plymouth National Bank of Minneapolis, Minneapolis,
Minnesota, as an official depository of the City, and has by the above
Resolution set a maximum designated amount to be kept there at any
one time in the sum of $200,000.00, and
WHEREAS, said $200,000.00 of collateral pledged to secure
above deposits is unneeded for City use at present interest rates
and the bank has requested the release thereof, therefore
BE IT RESOLVED by the City Council of the City of St. Louis Park,
that the First Plymouth National Bank of Minneapolis shall be
discontinued as a depository of the City and the City Clerk is
hereby authorized and directed to release and return to said
depository its deposit of collateral of $200,000.00, in accordance
with the requirements of law in such case provided.
At est:
City Clerk
Adopted by the City CJu
Mayor
Reviewed for admin stration:
City Manager
Approved to 7nd egality:
7/407 _
City Attorney