HomeMy WebLinkAbout5439 - ADMIN Resolution - City Council - 1975/12/15w
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DECEMBER 15, 1975
8B
RESOLUTION NO. 5439
RESOLUTION AUTHORIZING THE RELEASE OF
SECURITIES AND APPROVAL OF SUBSTITUTED
SECURITIES OF PARK NATIONAL BANK OF
ST. LOUIS PARK, MINNESOTA
WHEREAS, the Park National Bank of St. Louis Park, a duly
designated depository of the City, has requested the release of the
following securities:
$20,000 Ortonville, Minn. Hospital Bond of 1968, 4.40%, due
3/1/78
$15,000 Washington Co., Minn. ISD No. 834 Stillwater, 3.20%,
due 2/1/81
$15,000 Washington Co., Minn. ISD No. 834 Stillwater, 3.25%,
due 2/1/82
$25,000 Roseville, Minn. Water Imp. Bond Ser. 2, 3.600,
due 3/1/82
$20,000 Ortonville, Minn Public Utility Revenue, 4.50%, due
3/1/79
which have heretofore been pledged as collateral security for the
account of the City with such depository, and
WHEREAS, the saididepository has substituted and repledged for
the securities requested to be released as described above, the
following securities:
$100,000 Plymouth, Minn. Temporary Imp. Bond, 6%, due 8/1/77
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 securities as requested, and that the
securities above listed as being substituted and repledged in the amount
of $100,000 are hereby approved as collateral for the City account
with the Park National Bank of St, Louis Park, Minnesota, and their de-
posit for safekeeping with the Federal Reserve Bank of Minneapolis as
above mentioned is hereby approved.
Adopted by the City Council December 15, 1975.
Mayor
Attest:
City Clerk
Reviewed for by administration: Approved as to form and legality:
City Attorney