The URL can be used to link to this page

240854 y�� 'le�LA¢ �� ARIBINAL TO CITY CLBRK �� d' �+- - CITY OF ST. PAUL COUNCIL NO o , ';� OFFICE OF THE CITY CLERK FILE OUNC RESOLUTION—GENERAL FORM PRESENTED BY COMMISSIONE ATF -r i � WHEREAS, The administrative control of collateral deposited with the City of Saint Paul has become more burdensome and com- plicated in recent years; and WHEREAS, It has been the practice of the City of Saint Paul and its officers over the years to retain custody and control of securities assigned to it by its depository banks and retained by it in its safety deposit box; and in consequence thereof, certain City officers have been required to periodically examine all such securities and transmit interest due to the depository banks; and .r- WHEREAS, The statutes of the State of Min.nesota and the provisions of the Charter permit the Council of the City of Saint �Paul to designate alternate methods of controlling and handling the deposit of collateral covering Gity deposits; and WHEREAS, A more efficient, effective and less burdensome system than presently being used is available to the City and its officers without additional cost to said City; now, therefore, be it . - - . --- .�-.. _._- . �=-�- - - -- . RESOLVED, That upon recommendation of the Sinking Fund � Committee, state banks designated as depositories of City funds shall hereafter be permitted to designate any one of the follow- ing named banks to act as custodian for safekeeping of the collateral pledged to secure City deposits; provided, however, that no collateral furnished by any depository bank shall ever be held by such bank: ' 1. The First National Ban.k of St. Paul 2. The American National Bank of St. Paul , � 3�. The Northwestern National Bank of St. Paul 4. The Midway National Bank of St. Paul 5. The Summit National Bank of St. Paul ; 6. The Federal Reserve Bank of Minneapolis; - COUNCILMEN . , � Adopted by the Council , 19— Yeas - Nays ' Carlson Dalglish F0. � . PPROVED / Approved 19—_ Meredit n Favor Peterson � ' �f p°�tion Sprafka Mayor 'Tedesco A gainat , Mr. President, Byrne _�"" �O : � DUrLI j�T6 TO lRIN7ER /�G�� CITY OF ST. PAUL couNCi� "`� f ; OFFICE OF THE CITY CLERK F��E N O COUNCIL RESOLUTION—GENERAL FORM PRFSENTED BY COMMISSIONER DATF WHER�.AS, The administrative oontrol of collateral deposited with the City ot Saint Paul has become m�ore burdensome and eom- plioated in recent years; and WHEREAS, It has been the �►raotice of the City of Saint Paul and its officers over the yeare to retain custody and Qontrol o� seouritiea asaigned to it by its depository banks and retained by it in ite sa�ety deposit box; and in Qonaequenoe thereo�, certain City of�icexe have been required to periociioally ezamine all such aeQUrities and tranemit intea^e�t due to the depoeitory banke; and WHEREAS, The statutea of the State of Minneeota and the prov3.�ions of the Charter permit the Counoil of the City of Saint Paul to designate alterriate methode of controlling and ha.ndling the deposit o� oollateral oovering City deposits; and WHEREAS, A more e�fioient, e��eQtive and lesa burdensome system than presently bei.ng used is available to the City and its of�iQera without additional coet to �aid City; now, there�ore, be it RESOLVED, That upon reoommendation o� the Sinking Fund Committee, state banks destgnated as depositories ot City �unds ehall hereafter be permitted to deBignate an.y one of the �ollow- ing named banks to act aa custodian for eafekeeping of the oollateral pledged to �ecure City deposits; provided, howeve�, tha�t no collateral furn.iahed by any depository ba.nk shall ever be held by such banks 1. The First National Bank o� St. Paul 2. The Amerioan Nationsl Ba.nk of St. Paul 3. The Northwestern Nat3onal Bank of St. Paul 4. The Midway National Ba.nk o� St. Paul 5. The Swnmit National Bank of St. Paul 6. The Federal Reaerve Bank of Minneapolie; COUNCILMEN Adopted by the Council 19— Yeas Nays Carlson Dalglish Approved 19—_ Meredith Tn Favor Peterson • Sprafka � Mayor Tedesco A gainst Mr. President, Byrne �O '4 •' a �n�1,3�� ,. ORIGINAL TO CITY CLfiRK CITY OF ST. PAUL FOENCIL NO. � ,- ;s. OFFICE OF THE CITY CLERK � COUNCIL RESOLUTION—GENERAL FORM PRESENTED BY COMMISSIONER DATF be it � FURTHER RESOLVED, That the City Treasurer, as agent for �the City be and he hereby is authorized to enter into the necessary and proper agreements with the above—named depositories in such form as may be approved by the Corporation Counsel to effectuate the provisions of this resolution; be it � FUR.THER RESOLVED, That in the event of incapacity of said Treasurer and his inability to act on behalf of the City in connection with such agreements, the Coun.cil shall, by subsequen.t resolution, appoint another person to act as agent for said City and said City Treasurer during any such period of incapacity of the City Treasurer; be it � FURTAER RESOLVED, That the City Comptroller and City Treasurer or their representatives are hereby ' authorized to transfer securities pledged as collateral by depository ban.ks and held in safekeeping by the City of Saint Paul to each appropriately designated custodian bank upon execution of an Agreement for Safekeeping of Pledged Securities. - - C . i I Nov � �� COUNCILMEN , Adopted by the Council 19_ Yeas Nays Carlson IVOV 5196� Dalglish Approved 19—_ Meredith / Tn Favor Peterson � Sprafka Mayor A gainst Tedesco Mr. President, Byrne p�Q� � �968 �UBLlSHE@,� a� � �o DUrLI�T6 TO!RI H7'[R �`1.•G�� CITY OF ST. PAUL �o�N�i� NO ' OFFICE OF THE CITY CLERK FILE � COUNCIL RESOLUTION—GENERAL FORM PRESENTED EY COMMISSIONER DATF be it FITRTHER RESOLVED, That the City Trea$urer, as agent for the City be and he hereby is authorized to enter into the neceaeary an.d proper agreemente with the above-namod depogitories in suah �orm as may be approved by the Corporation Counsel to effeotuate the proviaions o� this reaolution; be it FIIRTHER RESOLVED That in the event of incapacity of said Treasurer and his ina�ility to act on behal� of the City in f connection with such agreements, the Council ehall, by subaequent resolution, appoint another person to act as agent far said City and said City Treasurer during any auch period o� incapaeity of the City Treasurer; be it FiJRTFiER RESOLVED, That the City Comptroller and City Treasurer or their representatives are hereby authorized to tran.efer securities pledged ae collateral by depository banks and held in ea�ekeeping by the City o� Saint Paul to eaah appropriately designated custodian ban.k upon egecution of an Agreement for Safekeeping of Pled.ged. Securit�.es. �IOV 5 �96� COZFNCILMEN Adopted by the Counci� 19— Yeas Nays . �DV � �� Carlson Dalglish Approved 19�. Meredith Tn Favor Peterson Sprafka � Mayor Tedesco A gainst Mr. President, Byrne ��