HomeMy WebLinkAbout87-92 - ADMIN Resolution - City Council - 1987/07/20July 20, 1987
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RESOLUTION NO. 87-92
RESOLUTION INCREASING DESIGNATED MAXIMUM
AMOUNT TO BE KEPT IN DEPOSITORY
WHEREAS, the City Council has heretofore in Resolution No. 6463
designated the Shelard National Bank, St. Louis Park, Minnesota as
an official depository of the City with a maximum designated amount
to be kept there in the sum of $4,000,000 at any one time, and
WHEREAS, it is now determined that the City in the immediate future
will require the deposit of sums in excess thereof, therefore
BE IT RESOLVED by the City Council of the City of St. Louis Park
that the maximum amount designated to be kept in the Shelard National
Bank of St. Louis Park as on afficial designated depository of the
City be increased to $6,000,000 and the said depository be required
to deposit collateral in accordance with the requirements of law.
Adopted by the City Council July 20, 1987
Attest:
Reviewed for Administration:
)\42,4,a
1/4.9-15Approved as to form and4egal-4ty: