HomeMy WebLinkAbout5797 - ADMIN Resolution - City Council - 1977/08/151
AUGUST 15, 1977
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RESOLUTION NO. 5797
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:
$200,000 U.S. Treasury Notes, 7.75%, due 8-15-77
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:
$100,000 U.S. Treasury Bonds, 6.375%, due 8-15-84
$ 20,000 Detroit Lakes, MN, 5.25%, due 1-1-92
$ 20,000 Detroit Lakes, MN, 5.20%, due 1-1-91
$ 20,000 Robbinsdale, MN, ISD, 5.50%, due 2-1-78
$ 40,000 Los Angeles, CA, 5.90%, due 5-15-92
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 $200,000 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 Augus 15, 1977.
Reviewed for administration:
Acting City Manager —"
Mayor
Approved as to fo and legality:
City At orney