HomeMy WebLinkAbout6163 - ADMIN Resolution - City Council - 1978/11/06r
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November 6, 1978
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RESOLUTION NO.
6163
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 Brooklyn Center, MN, 4.50%, due 1-1-80
$50,000 Chaska, MN, 6.30%, due 1-15-89
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:
$25,000 Anchorage, Alaska, 6.90%, due 3-1-87
$50,000 Anoka, MN, 6.25%, due 1-1-86
by depositing the same with 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 the the securities above listed as being
substituted and repledged in the amount of $75,000 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 Northwestern National Bank of Minneapolis
as above mentioned is hereby approved.
Attest:
Adopted by the City Coucil November 6, 1978
Reviewed for
,dministration:
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C
anager
Mayo
Approved as to form and legality:
City 'Attorney