HomeMy WebLinkAbout88-17 - ADMIN Resolution - City Council - 1988/02/01RESOLUTION NO.
88-17
February 1, 1988
8h
RESOLUTION APPROVING SECURITIES FOR COLLATERAL
FROM PARK NATIONAL BANK, ST. LOUIS PARK, MINN.
WHEREAS, the Park National Bank of St. Louis Park, a City
depository, has presented the following collateral to secure
deposits of the City:
$1,000,000.00 FHLB, 7.80%, due 7-25-90
500,000.00 FHLB, 8.25%, due 5-25-90
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 February 1, 1988
Attest:
Reviewed for Administration: Approved as to form and execution:
ity Manager