HomeMy WebLinkAbout88-52 - ADMIN Resolution - City Council - 1988/05/16r
May 16, 1988
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RESOLUTION NO. 88-52
RESOLUTION INCREASING DESIGNATED MAXIMUM
AMOUNT TO BE KEPT IN DEPOSITORY
WHEREAS, the City Council has heretofore in Resolution No. 4122
designated the Park 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 $12,000,000 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 Park National
Bank of St. Louis Park as an official designated depository of the
City be increased to $17,000,000 and the said depository be required
to deposit collateral in accordance with the requirements of law.
Adopted by the City Council May 16, 1988
Attest:
Reviewed for Administration:
A 6/i
qty Manager
Approved as to form and execution:
City A orney