HomeMy WebLinkAboutResolution 84-22RESOLUTION NO. 84-22
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 tills City is hereby directed
to deposit moneys of this City in said Banks, and the Marquette State Bank of Col-
umbia Heights and the Northeast State Bank of Columbia Heights are hereby authorized
and directed to honor ~nd pay any checks or orders, when signed by the Mayor, City
Manager and Treasurer for the withdrawal or transfe~ of funds on deposit in said
banks in whatever form.
AND, that the fo]lowing 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 Nationa] Bank of
St. Paul; and, Merrill, Lynch, Pierce, Fenner and Smith, Inc..
AND, that the Treasurer shall have the authority to wire transfer funds from one
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 securiti, es 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; and, Midland National Bank.
Passed this 9th day of April, 1984.
Offered by: Carlson
Seconded by: Peterson
Roll Call: All ayes
0 ~//Anne Student, Counc~'i'T'-Secretary
Bruce-W~,~Nawro~ki, Mayor