HomeMy WebLinkAboutResolution 89-05RESOLUTION 89- 05
DESIGNATING DEPOSITORIES FOR FUNDS OF
THE CITY OF COLUMBIA HEIGHTS
BE IT RESOLVED, that the Marquette State Bank of Columbia Heights and the
Northeast Stat~ Bank of Columbia Heights he hereby designated as the
depositories for monies of the City of Columbia Heights, and the Treasurer of
this Ofty is hereby directed to deposit monies of this City in said banks, and
the Marquette State Bank of Columbia Heights and the Northeast State Bank of
Columbia Heights are hereby author/zed 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 13th day of February 1989
Offered by: Peterson
Seconded by: Petkoff
Roll Call: Ali ayes
-Anne Student, Counc~ Secretary
Mayor Dale Vz. Hadtrath