273701 WHITE - CITV CLERK � COURCII �v�o�
PINK - FINANCE
GANARV - DEPARTMENT GITY OF SAINT AUL
BLUE - MAVOR File NO.
uncil Resol tion
Presented By
Referred To Com ittee: Date
Out of Committee By Date
RESOLVED, That the following securi ies
$400,000 U. S. Treasury No es, 7.25%, due February 15, 1984
$ 50,000 U. S. Treasury No es, 7.875%, due May 15, 1986
pledged as collateral to protect deposits of pu lic funds of the City of
Saint Paul with Western State Bank of Saint Pau , hereby is authorized,
ratified and approved, such having been done in conformance with the
applicable statutes of the State of Minnesota.
COUNCILMEN �
Yeas Nays Reques ed by Department of:
�X McMahon `-' (n Favor Fin and S rv -Tre r D
Hozza
�E-
Levine _ � __ Against B
Maddox
Sho r
esco �Ep � 3 1919 Form A proved by ity ttorney
Ado d by Council: ate .
rtified Pass y C un ' , y BY
By I
fApprove avor: Da �9 p► by Mayor for Sub i i n to Council
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BY -- — B
�t�tistt�o SEP � 21979
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EXPLANATION OF ADMII�ISTRATIV ORDERS, ��" �
�sa�.v�rioHS A�n o�nz Es ` ���. RECElVED
AUG 311979
net�: nugus� so, i9�9 CITY AfTUr�NEI(
.. '� :
T0: MAYOR GEORGE LATIMER
FR: Gary R. �orstrem, Dept. .of Finance � Mgmt. Se ic ; �ip ��
: �► �-�`.. `a � �
. . . � . . !1.��• Q/r�l�y� Jj� �
�; COUNCII. RES(S,UTiO�i L�PPROVING COLLATERAL ,'' 'S � : �".
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ACT�ON REQUESTED• - .
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� � ,,�1�. . . � � . � :. . . . . � � .
The passage of the attached reaolution approves the stc�riCies pledged`
by the deaiganated bank to protect funds of the ity of Saint Paul �+hile
held in said bauk.
Pt�tPOSE AND RATTONALE FOR THIS ACTION:
K3A 118 requfrea collateral to protect public f ds and sets out a prc�,cedure , ;
- to be fa�.�ovied in the handling.of 'said collater 1 includtng tha requit�r�nt
of approval by the governing body.
,
AZTACHMENTS:
Proposed Council xesoiution.