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HomeMy WebLinkAboutAug 13, 19320FPIC IAL PROCEEDINGS Special meeting called to order Aug. 15, 19Z2 at 2 members present with the exception of ~yor Welch. All ~iotion by Gannon, seconded by Stinson, that Karrow be appointed Chairman Pro Tem. Roll call, all ayes. 41eeting called for the purpose of repealing the resolution passed by the Council Aug. llth, 19JY, and for the purpose of authorizing the Federal Reserve Bank of ~inne~polis to sell the bonds assigned to the City of Columbia Heights as collateral for deposits in tile Col. l~at'l Bank. Resolution offered by Tjosvold, seconded by Ga~on - Be it Resolved by the City of Columbia Heights that the Resolu- tion offered by 2~arrow, seconded by Stinson, and passed on the llth day of August, 19Z£, a~ follows: "Be It Resolved by the City Council of the City of Columbia Heights, ~i~zue~ots, that the City ~ressurer, be and she hereby is authorized and directed to se~l the co~later~l assigned by the Columbia National Bank a~ security for deposits in said Bank, at the highest price obtainable. ~e It ~.~urther Resolved, That the City Attorney and -~'~r. h. W. ~'oody be s~nd they hereby are authorized and directed to act for the City in taking s~ny necessary leg~l action in protecting the City in so far as ~ny deficiencies w?dch may arise from the sale of such collateral, Be and the same hereby is repealed. call - ~lyes: Tjosvold, Gate, non, stinson, Karrow i~ays: None Resolution offered by Tjosvold, seconded by Gannon, Be It Resolved, by the City of Columbia heights, that the City Treasurer be authorized and directed to authorize and direct the ~'eder~l Reserve Bank of t~innes, polis to sell the bonds assigned to the City of Columbia Heights a~ collateral for de- posits fn the Columbia ~ational Bank at the market price, e It Further Resolved that s. copy of this Resolution be mailed to the Federal Reserve Sa~zk of Mi~n~es. polis. Roll call - Ayes: Tjosvold, Ganno~, Stinson, Karrow. Nays: None. Passed Aug. 1~, ~iotion by Tjosvold, seconded by Gsnnon to adjourn~ until Au~. 2Zrd secretly to t}~e ouncil i~yor ...... ~