HomeMy WebLinkAbout4912 - ADMIN Resolution - City Council - 1973/09/17ORIGINAL
SEPTEMBER 17, 1973
7C
RESOLUTION NO.
491,2
RESOLUTION DESIGNATING DEPOSITORY FOR
CITY FUNDS
BE IT RESOLVED by the City Council of the City of St. Louis Park that
the Northwestern National Bank of Hopkins, Hopkins, Minnesota be hereby
designated as a depository for the funds of this City, not to exceed, however,
the amount of $3,000,000 and the Treasurer is hereby authorized to open
or continue an account or accounts with said bank on such terms as required
by said bank in the name of the City, and to deposit, or cause to be
deposited in such account or accounts, any monies, checks, drafts, orders,
notes or other instruments for the payment of money, upon compliance
by said depository with this resolution and the law in such case provided.
BE IT FURTHER RESOLVED that until further notice of the City Council
by resolution, withdrawals from the account or accounts shall be upon
written order of the Treasurer, countersigned by the City Manager and the
City Clerk, or by wire transfer of funds as authorized by law,
BE IT FURTHER RESOLVED that the designation shall continue in force
until written notice of its recision or modifications has been received
by said bank,
BE IT FURTHER RESOLVED that the Northwestern National Bank of Hopkins,
Hopkins, Minnesota, deposit with the Federal Reserve Bank and Northwestern
National Bank of Minneapolis, Minneapolis, Minnesota 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 Se.tembe,97 �i
Reviewed for adminitration:
Mayor
Appro as to form aunt legality:
City At rney