HomeMy WebLinkAbout89-3 - ADMIN Resolution - Economic Development Authority - 1989/05/01May 1, 1989
RESOLUTION NO. EDA -3
RESOLUTION DESIGNATING DEPOSITORY FOR
ECONOMIC DEVELOPMENT AUTHORITY FUNDS
BE IT RESOLVED by the Economic Development Authority of the City of St. Louis
Park that Park National Bank of St. Louis Park, Minnesota, be hereby
designated as a depository for the funds of the Economic Development Authority
and the maximum amount of such deposits to be kept therein at any one time is
not to exceed $5 million.
BE IT FURTHER RESOLVED that Park National Bank of St. Louis Park deposit with
the Federal Reserve Bank of Minneapolis, as security for such deposits, those
securities as may be required to safeguard the deposits of the City in the
manner and amounts required by law.
Adopted by the Economic Development Authority, May 1, 1989
President
Executive Director