HomeMy WebLinkAbout5762 - ADMIN Resolution - City Council - 1977/06/20n
June 2.0, 1977
8d
RESOLUTION NO. 5762
RESOLUTION AUTHORIZING THE RELEASE OF
SECURITIES AND APPROVAL OF SUBSTITUTED
SECURITIES OF CITIZENS STATE BANK OF
ST. LOUIS PARK, MINNESOTA
WHEREAS, the Citizens State Bank of St. Louis Park, a duly designated
depository of the City, has requested the release of the following securities:
$100,000 U. S. Treasury Notes, 6.87%, due 5-15-77
200,000 U. S. Treasury Notes, 7.75%, due 8-15-77
450,000 U. S. Treasury Notes, 6.25%, due 2-15-78
300,000 Fed. Home Land Banks, 6.50%, due 11-25-75
200,000 Fed. Land Banks,,6.35%, due 10-20-77
300,000 Fed. Nat'l Mtg. Assn., 6.30%, due 3-10-77
150,000 Fed. Nat'l Mtg. Assn., 6.40%, due 9-10-79
100,000 Fed Nat'l Mtg. Assn., 7-25%, due 12-12-77
100,000 Fed Nat'l Mtg. Assn., 6.60%, due 12-10-80
500,000 U. S. Treasury Notes, 7.75%, due 6-30-79
250,000 Fed Inter. Credit Banks, 7.40%, due 1-2-80
50,000 Fed.Nat'l Mtg. Assn., 6.60%, due 12-10-80
200,000 Fed. Nat'l Mtg. Assn., 8.00%, due 12-10-80
which have heretofore been pledged as collateral security for the account
of the City with such depository, and
WHEREAS, the said depository has substituted and repledged for the
securities requested to be released as described above, the following
securities:
$1,000,000 U. S. Treasury Notes, 7%, due 11-15-83
200,000 U. S. Treasury Notes, 7.75%; due 8-15-77
200,000 Fed. Land Banks, 6.35%, due -A.0-20-77
100,000 Fed. Nat'l Mtg. Assn., 7.25%,`due 12-12-77
150,000 Fed. Nat'l Mtg. Assn., 6.4%, due 9-10-79
200,000 Fed. Nat'l Mtg. Assn., 6.6%, due 12-10-80
250,000 Fed Home Land Banks, 7.375%. due 2-25-85
250,000 U. S. Treasury Notes, 8%, due 8-15-86
10,000 Stillwater, MN. ISD 24, 5.4%, due 4-1-79
25,000 Becker, MN. ISC726G0, 5.6%, due 2-1-83
100,000 Bank for Coops, 6.85%, due 4-1-81
100,000 Fed. Nat'l Mtg. Assn., 7.35%, due 4-10-84
150.000 Fed. intermediate Credit Ranks, 7.95%, due 4-1-86
50,000 Maricopu S.D., 5.1%. due 7-1-86
50,000 Sant: Barbara, Calif. 5.1%, due 7-1-87
50,000 Stat of Hawaii, 5%, due 9-1-89
15,000 Montana Board Housing, 5.1%, due 10-1-90
•
.;
by depositing the same with the First National 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 $2,900,000
are hereby.approved as collateral for the City account
with the Citizens State'Bank of St. Louis Park, Minnesota,
'and their deposit for safekeeping with First National Bank
of Minneapolis as above mentioned is hereby approved.
Adopted, by the City Council kune 20, 1977.
Mayo
Attest:
Reviewed for administration: Approved as to form and legality:
City Manager (Acting)
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City ttorn
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