HomeMy WebLinkAbout87-27 - ADMIN Resolution - City Council - 1987/03/16March 16, 1987
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RESOLUTION NO. 87-27
RESOLUTION APPROVING SECURITIES FOR COLLATERAL
FROM SHELARD NATIONAL BANK, ST. LOUIS PARK, MINN.
WHEREAS, the Shelard National Bank of St. Louis Park, a City
depository, has presented the following collateral to secure
deposits of the City:
$200,000 Federal Home Loan Banks, 9.15%,
300,000 Federal Home Loan Banks, 7.35%,
300,000 Federal National Mortgage Ass'n,
600,000 Federal National Mortgage Ass'n,
100,000 City of Dickenson, N.D., 7.45%,
due 7-25-88
due 4-25-91
9.85%, due 11-10-89
7.90%, due 3-10-93
due 2-01-98
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 First
National Bank of St. Paul, Minn. for safekeeping.
Adopted by the City Council, March 16, 1987
‘U /4/444
Mayo
Attest:
4-Ltrai
City C1 rk
Reviewed for Administration: Approved as to form and
(2,1„,
ity Manager
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