HomeMy WebLinkAbout86-36 - ADMIN Resolution - City Council - 1986/03/17March 17, 1986
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RESOLUTION NO. 86-36
RESOLUTION APPROVING SECURITIES FOR COLLATERAL
FROM CITIZENS STATE BANK, ST. LOUIS PARK, MINN.
WHEREAS, the Citizens State Bank of St. Louis Park, a City depository,
has presented the following collateral to secure deposits of the City:
$500,000 Fed. Nat'l Mortgage Ass'n, 11.05%, due 2-10-87
500,000 Fed. Nat'l Mortgage Ass'n, 12-10%, due 3-10-89
500,000 Fed. Nat'l Mortgage Ass'n, 12.25%, due 4-10-87
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 Marquette Bank of
Minneapolis, Minnesota, for safekeeping.
Attest:
Adopted by the City Council, March 17, 1986
(s)
Al,v4(L)
Mayor,
Reviewed for Administration:
dk/WALkolcS
y Manager
Approved as to form and legality:
City Attorney