250981 ORI6iNAL TO CITY CL6RK �����
CITY OF ST. PAUL couNCi� s''
� OFFICE OF THE CITY CLERK ��E NO.
, � ��COUNCIL RESOLUTION—GENERAL FORM
r --
PRESENTED BY "`
COMMISSIONE ' ` DATE
1 �
WHEREAS, the Council of the City of Saint Paul, by
Resolution, Council File No. 23s655, approved the action of
its Sinking Fund Committee in establishirg amounts for de-
posits by the City in the Commercial State Bank of Saint
Paul and accepting certain collateral from said Bank as in
said Resolution prescribed, and by subsequent resolution�
Council File No . 240680, increased the maximum deposit at
said bank from �200,000 to �330,000 and provided for an in-
crease in collateral required from �220,000 to �370,000; and
WHEREAS, the Sinking Fund Committee at its meeting of
October 6, 1970, approved a transfer to said bank of certain
payroll accounts and approved an increase in the maximum
deposit from �330,000 to �900,000 and an increase in the col-
lateral required from �370,000 to �1,000,000; now, therefore ,
be it
RESOLVED� By the Council of the City of Saint Paul,
that this Council he reby approves the aforementioned action
of its Sinking Fund Committee in increasing the amount of
authorized City deposits at the Gommercial State Bank to
� � �900,000 and increasing the amoui'�t of the City ' s collateral
�, � requirement to �1,000�000; be it
� .
o � FURTHER RESOLVED, That the Council of the City of �aint
o '� Paul hereby approves transfer to said City from said Bank of
n;. O the following described securities :
o' <
� • o �500,000 U. S. Treasury Notes, 7-3�4�, due August 15, 1977,
0
� as additional collateral; and be it
FURTHER RESOLVED, That the City Comptroller is hereby
authorized and directed to transmit to the appropriate officer
of said Commercial State Bank a copy of this Resolution.
� OC� 2 9 1970 �
COUNCILMEN Adopted by the Counci� 19—
Yeas Naya
��r---- ��4 2 ��s 1�70
Carlson ved 19—
�
Levine �n Favor
Meredith �
Sprafka ayor
A gainst
T�sse----
Mr. President, McCarty
PUBLISHED OGT 31197�
O
DUDLICATL TO lRIN'RR . ��� .
, CITY OF ST. PAUL �uNp� NO
OFFICE OF THE CITY CtERK
• � COUNCIL RESOLUTION—GENERAL FORM
����
COMMISSIONER ; �ATG
WHEREA3, tbe Counoil oi the City oi 3aint ��sul, by
Itesolution� Counail File No. 23865�� �pproved the aotion oi � �
itr 3lnkina Fund Comittea in establiah�,� a�vunts ior de-
posits by the Ci�y in tha Commeroial 3t$te Bank +� Saint
Faul and aooeptiag oertain oollaterai iroo e�aid iank as in
said Resolution presoribed, and by subesqnent resolutioa,
Counoil File No. 240680, inoreased the �taicimwu depooit 8t
•aid bank from �200,000 to �330�000 and providad tor an f�r
orease in oollateral required tros �820�000 to �370�000; ead
WBEREA3, the 3lnkin� Fund Co�uaittpe st its vetia� of
Ootober 6� 1970, approoed a traneier �o ��id bank oi oertain
paqroll aocounts and approved en inorea*e in tho vaaiswe
deposit trom �330,00o to �900�000 snd a�; iao��ase in the col-
lataral required iroo �370,000 to �i,00m,000; noM, theraiore�
be it
RE30LVED; By the Couaoil ot tbe C�ty o! 3aint Paul,
that this Counoil be r�by approves the atore�aeationed aotion
ot its Sinking Fund Comsittee in inoreasin¢ th. auouat ot
at�thorized City d�poaits et the Coaa�ero�a�1 State Bank to
�900�000 aud inorsaring the aaouht oi thje City's oollateral
reqnire�uent to $1,000,000; be it
FtJRTHER RE30LVED, That the Cow�o iL o= the City oi Saist
Paul bereby appro�es trsn�ter to said City iro■ aaid Hank oi
the iollowing desoribed �eouritie�t
�g00,000 U. S. Tu�easury Not�s, 7-3;/�'�, due Augu�t ig! 197?•
as additional oollaterai; snd be it
FUBTHEB RE30LVED! That the City CoMptroller ia herebq
authorized and direoted to tran�oit to t�e appropriste oiiioer
oi said Commercial State Hank a Qopy o! �h i� Resolut ion.
pCT 2 91974
COUNCILMEN Adopted by the Council 19_
Yeas Naya �j 2 � 1'��
Carlson Appro�l 19_
Levine _1n Favor
Meredith �
Sprafka ��
� Ag�amst
Mr. President, McCarty
��