HomeMy WebLinkAbout5938 - ADMIN Resolution - City Council - 1978/01/16January 16, 1978
8d
RESOLUTION NO. 5938
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:
$25,000 Warren, MN, ISD #446, 4.50%, due 2-1-84
$25,000 West St. Paul, MN, G.O. Bonds, 4.50%, due 1-1-78
$40,000 Columbia Heights, MN, ISD #13, 4%, due 2-1-84
which have heretofore been pledges 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
$25,000 Inver Grove Heights, 5%, due 8-1-83
$25,000 Heron Lake, MN, IDS, 5%, due 10-1-93
$50,000 Carson City, Nevada, 6.40%, due 4-1-91
by depositing the same with the First National Bank and the Northwestern National
Bank of Minneapolis 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 deposit for safekeeping with First National
Bank and Northwestern National Bank of Minneapolis as above mentioned is hereby
approved.
Adopted by the City Council January \ 6, 1978
0,-
Mayor
Approved as to form and legality:
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City 'Attorney