HomeMy WebLinkAboutResolution 36-01a The City Council of the City of Columbia Heights
hereby resolves:
That the Fidelity State Bank of i~iinneapolis be and t?~
same hereby is designated as the official public depositary of funds
in the checking account of the City of Columbia Heights for the year
of 1936. Provided however that this designation shall remain in force
and effect during the said year of 1936 only so long as the said Fidelity
State Bank shall keep posted with the City Treasurer of the City of
Col'~mbia Heights a corporate surety bond in the penal sum of twice the
amount of t~1~8 city's funds held on ~posit by the said depositary; ~d
provided ~rther that in lieu of such corporate surety bond the said
depositary ~ay deposit with the Ci~ '~easurer of the City of Columbia
Heights, together with assignments thereoE to the City of Columbia
Heights, such bonds as are authorized to be deposited in lieu of a cor-
porate surety bond, by Section 1973-1 ~ason's !~innesota S~atu~es, 192~,
which bonSs shall have a market value of at least ten per cent (10%)
more th~ the amount oF the city's funds on deposit with the said
depositary; and provided further that all corporate suraty bonds,
other bon.:~s and assignments thereof, deposited with the City Treasurer
pursuant to this resoluti~ must be ap~oved by the City Council of
the City of Columbia Heights.
Sec onded.~~
Roll Csll~~
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Nays: