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HomeMy WebLinkAboutResolution 83-03 RESOLUTION 83-03 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 moneys of the City of Columbia Heights, and the Treasurer of this City is hereby directed to deposit moneys of this City in said Banks, and the Marquette State Bank of Columbia Heights 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, Fidelity State Bank, Northeast State Bank of Columbia Heights, Twin City Federal, Third Northwestern National Bank, First Federal, First Security State Bank of St. Paul, American National Bank of St. Paul, First National Bank of St. Paul, Merrill Lynch Pierce Fenner & Smith, AND, that the Treasurer shal~ have the authority to wire transfer funds from one official Depository to another fmr 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 shal~ 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, Northwestern National Bank, First National Bank of St. Paul, Manufacturers Hanover Bank, Midland National Bank. Passed this 14 day of February, 1983. Offered by: Norberg Seconded by: Petkoff Roll Call: Ali ayes retary Bruc~ Nawrocki, Mayor