HomeMy WebLinkAbout6518 - ADMIN Resolution - City Council - 1980/03/24MARCH 24, 1980
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RESOLUTION NO. 6518
RESOLUTION APPROVING SECURITIES FOR COLLATERAL
FROM FIRST NATIONAL BANK OF HOPKINS, HOPKINS
MINNESOTA
WHEREAS, the First National Bank of Hopkins, a City depository,
has presented the following securities totaling $2,250,000 as
collateral to secure deposits of the City:
$1,000,000 Note Z-81, 12.125%, due 11-30-81
$ 500,000 Note C-83, 7.875%, due 5-15-83
$ 250,000 Note C-85, 10.375%, due 5-15-85
$ 500,000 Note B-87, 9%, due 2-15-87.
BE IT RESOLVED by the City Council of the City of St. Louis
Park that the Treasurer be authorized to accept said securities as
collateral and that said collateral be deposited with the Federal
Reserve Bank of Minneapolis, Minnesota, for safekeeping.
Adopted by the City Council March 24, 1980.
Mayo
Approved as to form and legality:
City torney