HomeMy WebLinkAboutResolution 94-82 RESOLUTION 94- 82
DESIGNATING DEPOSITORIES FOR FUNDS OF
THE CITY OF COLUMBIA HEIGHTS
BE IT RESOLVED, that the First Bank National Association and the Northeast State Bank be hereby designated as the
depositories for monies of the City of Columbia Heights, and the Treasurer of this City is hereby directed to deposit
monies of this City in said banks, and the First Bank National Association and Northeast State Bank are hereby authorized
and directed to honor and pay any checks or orders, when signed by the Mayor, City Manager and Treasurer, for the
withdrawal or transfer of funds on deposit in said banks in whatever form.
AND, that the following financial institutions be designated as official depositories of the City of Columbia Heights for
investment purposes: First Trust, Northeast State Bank, Twin City Federal, Norwest Bank, American National Bank of
St. Paul, First Bank National Association, Merrill Lynch Government Securities, Inc., Prudential Securities, Minnesota
Municipal Money Market Fund, Piper Jaffray Companies, Juran & Moody, Inc., Shearson-Lehman Brothers.
AND, that the Treasurer shall have the authority to wire transfer funds from one official depository to another for the
purpose of investing City funds.
BE IT FURTHER RESOLVED that in case such deposit shall at any time exceed the sum for which its deposits are insured
under the acts of Congress of the United States relating to insurance of bank deposits, said depository shall immediately
furnish bond or securities in lieu of bond. The following are hereby designated as the places for safekeeping of all
securities in lieu of such bond: The Federal Reserve Bank, Norwest Bank, Manufacturers Hanover Bank, Midland National
Bank, American National Bank of St. Paul, First Bank National Association, Piper Jaffray Companies, Juran & Moody, Inc.
Passed this 1 2th day of December
Offered by: Ruett i mann
Seconded by: Pete r son
Roll Call: A1 1 ayes
y-Anne Student, Coun-c]I'ao~retary
,1994
Jos*'eph S. Sturdevant, Mayor