HomeMy WebLinkAboutResolution 94-06 RESOLUTION 94- 06
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 institutes 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 14 t h day of
Offered by: Pete r so n
Seconded by: Ruettimann
Roll Call: A11 ayes
February ,1994
-Anne Student, Coun-dil"~SL~etary
Joseph S. Sturdevant, Mayor