HomeMy WebLinkAbout6832 - ADMIN Resolution - City Council - 1981/05/04May 4, 1981
RESOLUTION NO. 6832
RESOLUTION AUTHORIZING 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, Minnesota, a duly
designated depository of the City, has requested the release of the
following securities:
$100,000 Thirteen Banks for Coops, 6.85%, due 4/1/81
which have heretofore been pledged as collateral security for the account
of the City with such depository, and
WHEREAS, the said depository Inas substituted and repledged for the
securities requested to be released as described above, the following
securities:
$100,000 Federal Farm Credit Banks, 13.85%, due 3/1/84
by depositing the same with the First National Bank of Minneapolis, Minn-
esota 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 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.
At est:
Adopted by the City Council May 4, 1981
11/1 EC ty Clerk
!,
Reviewed for administration:
N 1
(1-4,a),
Mayor
Approv-i as to s m and legality:
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