HomeMy WebLinkAbout84-200 - ADMIN Resolution - City Council - 1984/12/03U December 3, 1984
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RESOLUTION NO. 84-200
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 additional securities totaling $1,100,000.00 as
collateral -to secure deposits of the City:
$1,000,000.00 11.55 FNSM 87W Notes, 11.55%, due 11-10-87
100,000.00 Toledo, Ia., 1081 1st Mortgage Health, 12.0%, due 4-01-91
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 December 3, 1984
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City Clerk
Reviewed for Administration: Approved as to form and legality:
ity Manager City Atto ney