HomeMy WebLinkAboutResolution 38-45RESOLUTION
THE C!_~ COUNCIL OF .~?IE CITY 0F COLLU{B!X HEIGHTS HEREBY RESOLVES:
That the Columbia Heights State Bank of Columbia ~-!eights and
the ~)~~~z~.~ of ~'~inneapolis b~ and the same hereby
are designated as sole public depositaries for funds of the City
fro~ the date "
h
of Columbia Heights ~:~ of this Resolution t roug~
the calendar year of 1939. Provided however
that this designation shall remain in force and effect duping the
~'~ {-~ar..af 1OZ~ only so long as the said Columbia Heights State
Bank of Columbia Heights and the said~F~g~P-~W~s~, ~ of
i:Iin.neapolis keep deposited with the City Treast~rer of the City of
Columbia Heights a corporate surpty bond in the penal sum of tu~ice
the amount of the City's funds held on deposit by each of said
depositaries; and provided further that in lieu of such corporate
surety bonds the said depositaries may deposit with the City Treas-
urer of the City of Columbia Heights, together with assignments
thereof to the City of 0olumbia i~ez~.>_os, such bonds as are author-
ized to be de-~posited in lie~ of corporate surety bonds by Section
!gVS-1, ~.{ason's }~innesota Statutes, 19SV, and acts ammendatory
thereto, ,~vhich said bonds furnished.by each of the said depositaries
shall have a r:~arket value of at least ten (10~2~) per cent more than
the amount of the City's funds on deposit with each of said deposi-
taries; and provided further that all coP}sorate surety bonds or
other bonds and assignments thereof, deposited with the City Treas-
urer pursuant to this Resolution, must be approved by the City
Council of the City of Columbia Heights.
Offered by:~
'Seconded by.
Nays:
Passed December
Secretary to the Council