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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