HomeMy WebLinkAboutResolution 91-72RESOLUTION NO, 91-72
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 monies of the City of
Columbia Heights, and the Treasurer of this City 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 authorized 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, American National
Bank of St. Paul, First National Bank of St. Paul, Merrill Lynch Government Securities, Inc.,
Prudential-Bache Securities, Minnesota Munidpal Money Market Fund, Piper Jaffray &
Hopwood, Inc., Juran & Moody, Inc., Shearson-Lehman Brothers.
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 9th day of December 1991
Offered by: Rue t t i mann
Seconded by: C I e r k i n
Roll Call: A11 ayes
C-Anne Student, Council Secretary
Mayor, Edward M. Carlson