HomeMy WebLinkAbout6833 - ADMIN Resolution - City Council - 1981/05/04r
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May 4, 1981
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RESOLUTION NO. 6833
RESOLUTION AUTHORIZING TFIE 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:
$50,000 ISD #271 School Building Bonds, 5.90%, due 2-1-90
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 repledqed for the
securities requested to be released as described above, the following
$50,000 Note K 82, 9.25%, due 5-15-82
by depositing the same with the Federal Reserve Bank of Minneapolis for
safekeeping, to be collateral security for the account of the City with
such depository, therefore,
RE 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 repledqed in the amount of $50,000 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
the Federal Reserve Bank of Minneapolis as above mentioned is hereby approved.
Adopted by the City Council May 4, 1981
ATTEST:
Reviewed for administration:
1111 ty Manager G
113"611:e-.
)2 "GL0,t47
Mayor
Approved as to form and legality:
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