HomeMy WebLinkAbout4866 - ADMIN Resolution - City Council - 1973/07/16I"
ORIGINAL
RESOLUTION ND.
4866
JULY 16, 1973
7D
R3SOLLTION DESIGNATING DEPOSITORIES FOR
CiiY FUNDS
BE IT RESOLVED ty the City Council of the City of St. Louis Park that
Citizens State Bank of St. Louis Pavk, St, Louis Park, Minnesota, be hereby
designated as a depository for the funds of the City, not to exceed, however,
the amount of $3,000,000 at any one time; that the Marquette National Bank
of Minneapolis, Minneapolis, Minnesota, be hereby designated as a depository
for the funds of this Cit;, not to exceed, however, the amount of $1,000,000
at any one time; that the First Western State Bank of St. Louis Park, St.
Louis Park, Minnesota be hereby designated as a depository for the funds
of this City, not to exceed, however, the amount of $2,000,000 at any one
time; that the Park N=ticnal Bank of St. Louis Park, St. Louis Park, Minnesota
be hereby designated as a depository for the funds of this City, not to
exceed, however, the a:�c ':zt of $2,000,000 at any one time, that the First
National Bank of Hopl•ns, Hopkins, YLrnesota be hereby designated as a
depository for the funds of this City, not to exceed, however, the amount
of $1,500,000 at any cue time, that the . •elard National Bank of St. Louis
Park, St. Louis Park, Mi^neco;:-t, be here:,y designated es a depository for
the funds of this C::, not to exceed, however, the amount of $1,000,000
a,: any one t t me, en.' that the. A;aerica:_a S sate Bank of Edina, Edina, Minnesota,
be hereby designated as a depository for tLe funds of this City, not to
exceed, however, the a_iount of $1,500,000 at any one time, and the Treasurer
is hereby authorized to open or conti::.:e an account or accounts with said
banks on such terms as rev.i;:c4 by sn.id banks in the name of the City, and
to deposit, or c:u5e to be deposite-3 in cur.% recount or accounts, any
monies, checks, drafts, orders, notes ,r other instruments for the payment
of money, upon ;oa_np,',ance by said depositories with this resolution and the
law in such case provided.
FE IT FURTHER RZ.OL ED that until further notice of the City Council
by resolution, with hnwaas from the a c:oiint or accounts shall be upon
written order of the Treasurer, countersigned by the City Manager and the
City Clerk.
B3 IT ^7T:I R RE 'LVED that the designation shall continue in force
until written notice of its recision or codifications has been received
by said banks.
BE IT F `::?EER RESOLVED that the First Western State Bank of St. Louis
Park and the Arm-_ 1 carp Irate Bank of 3-lina deposit with the Northwestern
National BP.! of Min.ie polis and that Citizens State Eank of St. Louis Park
deposit with the Mar etre NaLona l Bank of Minneapolis and that the Park
National Bank of St. Louis Pnrk, St. Louis Park, Minnesota deposit with
the First National Bark, The Northwestern National Bank and the Federal
Reserve Bank of Minneapolis, and that the First National Bank of Hopkins,
Hopkins, Minnesota deposit with the Federal Reserve Bank and First
National Bank of Minneapolis, and the Marquette National Bank of
Minneapolis, Minneapolis, Minnesota, deposit with the Federal Reserve
Bank of Minneapolis, and that Shelard National Bank of St. Louis Park
deposit with the First National Bank of St. Paul as security for such
deposits, such securities as may be approved by the City Council in
the manner and amount required by law.
Adopted by the City Council Jul ! 197
Mayor
Att t:
City Clerk •
Reviewed for ad}ninistration: Approve 4 as to fob an\ legality:
City Manager City Attorney
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