HomeMy WebLinkAbout6941 - ADMIN Resolution - City Council - 1981/09/08September 8, 1981
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RESOLUTION NO. 6941
RESOLUTION APPROVING SECURITIES FOR COLLATERAL
FROM PARK NATIONAL BANK, ST. LOUIS PARK, MN.
WHEREAS , the Park National Bank of St. Louis Park, a City depository,
has presented the following securities totaling $525,000 as collateral
to secure deposits of the City:
S75,000 Willmar, MN 1981 GO Grant, 7.6% due 11/1/32
$100,000 So Milwaukee, WI Promissory Notes, 10.75% due 6/1/83
S50,000 Lincoln Cnty, WI 1980 GO Promissory Notes, 8.7% due 4/1/84
S100,000 So. Dakota Ser. B StudentLoan Rev. Bonds, 8;; due 4/1/84
$100,000 Forsythe, MT 1981 Pollution Control Bonds, 8.34% due 6/1/84
$100,000 Mpls., MN Comm. Dev. Agency « Hsg. Redev. Program 9.5% due 3/1/86
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, September 8, 1981
Mayor
Attest:
Reviewed for administration: Approved as to form and legality:
O�•gAiMAjmer
ty Manager
City Attorney