273355 WHITE - CITV CLERK / ��;�
PINK - FINANCE GITY OF SAINT PAUL ���s�"�' '�
CANARV - DEPARTMENT COURCIl �� .
BLUE - MAYOR File NO.
ouncil Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, That the following securities
$100,000 U. S. Treasury Bills, due April 29, 1980
pledged as collateral to protect deposits of public funds of the City of Saint
Paul with Summit National Bank of Saint Paul, hereby is authorized, ratified
and approved, such having been done in conformance with the applicable statutes
of the State of Minnesota.
COUNCILMEN Requested by Department oE:
Yeas Nays '/
�� �■j'' Finance M mt ervices- reas r Division
—�es�,a
� In Favor
Hunt
Levine _ � __ Against BY
Maddox
Showalter
T Form A roved C Atto e
Adopte y� Coun : Date ��� � 9 1979 Pp Yi Y Y
Ce ified P� • ed by uncil Secretary BY
B; 1'
�1p by Mavor: D _ �u A r d by Mayor fo b issio to Council
BY — — B
tUSUSx� JUL 2 g 197�
0�t Ol: :-i2/19i5 '.
Rev.; 1 /7 '
EXPZANATION OF AD�MINI3TRATIVB 4RDER3,
: RESOLUTIONS, AND ORDINANCES , ..f
r �yfii�,� ���'y� �' ^
JU1�6 5c.-��
Date: July 2, 197'9 �Y��S p�F�iCE �
T0: I+1t�Yt�R GEOxGE LATII�R
�---.
F�: Garq R. Norstrem, Dept. of Finance b Mgmt. ervi e
, RE: COUNCII. REEQ�LUTION APPROVING COLLATERAL
. ACTI�18E�1$&TED:
Th� pas�age of the attached resolution approves the securities pledged �
bq the deaigaated bank to protect fuads of the City of Saint Paul While
held fn satd bank.
PtI�POSE AND RATIONALE FOR THIS ACTION:
MSA 118 requires collateral to pratect public funds and �rets out a procedure
to be follo�ed ia the handling o� said collat�ral incladfng the requirement
of approval by the governing body.
A�",�AC�IFNTS z �
_ Proposed Council Resolution.