HomeMy WebLinkAboutResolution 90-03 RESOLUTION 90- 0~
DESIGNATING DEPOSITORIES FOR FUNDS OF
THE CITY OF COLUMBIA HEIGHTS
BE IT RESOLVED, that the Marquette State Bank of Columbia Heights and
the Northeast State Bank of Columbia Heights 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 Marquette State Bank of Columbia H~ights
and the Northeast State Bank of Columbia Heights 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: Marquette State Bank of Columbia Heights, Northeast State
Bank of Columbia Heights, Twin City Federal, Norwest Bank, First
Minnesota, American National Bank of St. Paul, First National Bank of
St. Paul, Merrill Lynch Government Securities, Inc., Prudential-Bache
Securities, Minnesota Municipal Money Market Fund, Piper Jaffray &
Hopwood, Inc., Juran & Moody, Inc.
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 Marquette
National Bank, The Federal Reserve Bank, Norwest Bank, First National
Bank of St. Paul, Manufacturers Hanover Bank, Midland National Bank,
American National Bank of St. Paul, Piper Jaffray & Hopwood, Inc.,
Juran & Moody, Inc.
Passed this 22nd day of January 1990
Offered by: Petersom
Seconded by: Nawrock|
Roll Call: AIl ayes
-Anne Student, C~ncil Secretary