270524 WHITE - CITV CLERK /�����f^
PINK - FINANCE �7 COUIICSl f°'� f'-�� �
CANARV - DEPARTMENT G I TY OF SA I NT �A V L '
BLUE - MAVOR ' Flle NO.
Council Resolution
Presented By
Referred To Committee: Date
Out of Committee By Date
RESOLVED, That the following securities
$1,075,000 U. S. Treasury Bills, due 12/12/78
pledged as collateral to protect deposits of public funds of the City of
SainC Paul with the Northwestern 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
Yeas Nays Requested by Department of:
Butler � In Favor Fina e and M t Services - rea ur Div n
Hozza
Hunt '
Levine _�__ Against —
Sylv�ester
Tedesco
FE8 9 �978 Form Approved b C ty Atto ey
Adopted by Council: Date
Certified Passed by Council Secretary BY
r
sy� `
pro ed by Mayor: at `� FEB 1 � 1978 Appr by Mayor for S i ion Council
B BY
�:��:�5us:�.� ;t� 1 8 9978
tki Ol: 12/1.975
Rev.: 918J76
���
EXPZ.ANATION OF ADMINISTRATIVE ,O�tDERS,
RESOLUTIONS, AND ORDINANCES
� R�C�I y��
JA N �a �g�
Date: Janu�ry 23, 1978 •
ctr�r �rroxN�Y
T0. MAYOR GEORGE LATIMEA
FR: Gary R. Norstrem, Dept. of Finance & Mgmt. Services��
R8: COUNCIL RESOLtTPI4M APPROVING COLLATERAL � ��� l ^ M ' �
�_: ,, ; ,; a,� �
JAP� �g �����
�►YO�t's �
ACTi� REQUESTED:
The paa�a�ge of the attached resolution approves the securities pledged -
by the desiguated bank to protect funds of the City of Saint Paul while
held in said bank. �
Nw NAT'� — sr P�wL
PiIRPOSE AND RATIONALE FOR THIS ACTION: ' :
MSA 118 requires collateral to protect public funds and sets out a procedure
to be follow�ed in the handling of said collateral including the requirement
of approval by the governing body.
�A'1"xACI�IENTS:
�
Proposed Council Resolution. ;