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HomeMy WebLinkAboutResolution 75-66· 788-9221 CITY OF COLUMBIA HEIGHTS ADMINISTRATIVE OFFICES EQUAL OPPORTUNITY EMPLOYER COLUMBIA HEIGHTS, MINNESOTA 55421 RESOLUTION ~75- 66 AUTHORIZING TRARqSFER OF FUNDS FOR INCREASING INTEREST RETU.~S BE IT HEREBY PG~SOLVED BY THE CITY COUNCIL OF THE CITY OF COLUMBIA HEIGHTS, that Home Federal Savings and Loan Association of ~:~inneapolis (HOME) be, and it is hereby authorized and directed, as the agent of the City of Columbia Heights, to transfer funds pursuant to telephone instructions given in the manner described below either (t) to the City of Columbia Heights savings account at HOME from the City's checkinq account No. 100 0033 at Marquette State Bank of Columbia Heights, the address of which is Columbia Heights, Minnesota 55421, or ~2) from said savings accou~nt to said checking account. BE IT FURTHER RESOLVED, that HO[,~E be, and it hereby is, authorized and directed to withdraw funds from said savings account upon telephone instructions given in the manner described below and make payment thereof by check payable to the City of Columbia Heights mailed to the address shown on HO~,'S records for said savings account. BE IT FURTHER RESOLVED, that amounts deposited in said savings account, are not withdrawable until collected. FURTHER RESOLVED, that HO~.fE be, and it hereby is, authorized to act pursuant to this authorization upon telephone instruction purporting to be from City Manager Malcolm O. Watson, or City Clerk-Treasurer John E. Schedler, in which the caller identifies the Personal Identification Number assigned to said savings account, and the City of Columbia Heights, its successors and assigns shall hold HOME harmless from any loss or expense (including reasonable attorney's fees) arising out of its so acting. FURTHER RESOLVED, that the City of Columbia Heights represents to HOM~' that said savings account and said checking account have identical ownership and withdrawal rights, that the City shall bear sole responsibility for maintaining such identity, and that HOME shall in no event be responsible for any withdrawals made pursuant to ownership or withdrawal rights of said savings account and said checking account or for any funds transferred to said checking after the transfer. FURTHER RESOLVED, that this authorization will remain in effect until receipt by HO['~E of written notice from the City of termination of this authorization by this C[t%Counc[].