231329ORIGINAL TO CITY CLERK
CITY OF ST. PAUL
OFFICE -OF THE CITY CLERK
U SOLUTION — GENERAL FORM
PRESENTED BY J
COMMISSIONE nwTF
Im
31a
FILE FILE NO.-
NO.
WZEAS, the Sinking Fund Committee of the City of Saint
P has eretofore designated The Downtown State Bank of St. Paul
as depository for receiving and holding funds and moneys of
said City and has fixed the maximum sum which may be deposited
by the City in said bank and has also established the maximum
amount as collateral to secure such deposits of funds and moneys;
and
WHEREAS, the Sinking Fund Committee at a recent meeting has
fixed an.increased amount as -the maximum City deposit, in the
amount of $280,000, and has provided that at no time shall the
amount of said City's funds deposited,pursuant to the provisions
of applicable law, Resolution of this Council, Council File No.
222575, adopted March 19, 1965, and recent action of the Sinking
Fend Committee hereinbefore referred to, exceed either $280,000
or 10/11 of the market value of bonds of the United States
Government or other authorized direct obligations of the United
States of America so deposited and assigned by said Bank as
security therefor, and has further set the aggregate amount
of security to be deposited by said bank in,the amount of
$308,000; now, therefore, be it
RESOLVED, That the Council of the gity of Saint Paul hereby
ratifies, adopts and approves the action of the Sinking Fund
Committee in designating The Downtown State Bank of St. Paul
as a depository for receiving.and holding funds and moneys of
the City and fixing the sum of $280,000 as the maximum to be
deposited in said Bank, and establishing the sum of $308,000
as collateral to secure these funds and moneys; be it
FINALLY RESOLVED, That Resolution of this Council, Council
File No. 228938, adopted June 3, 1966, is cancelled and superseded
hereby, and the provisions of Resolution of this Council, Council
File No. 222575, adopted Mapco. 19, 1965, are modified as herein
provided.
Dec 2 a 1966
COUNCILMEN Adopted by the Council 19—
Yeas Nays
Carlson DEC 2 S 1966
Dalglish Approved 19—
Holland Tn Favor
Meredith 'll I
Peterson U Mayor
Tedesco Against
Mr. President, Byrne PUBLISHED DEC 311966
X22
DUPLICATE TO PRINTER 231329
CITY OF ST. PAUL � � COUNCIL NO.
OFFICE OF THE CITY- CLERK
COUNCIL RESOLUTION — GENERAL FORM
PRESENTED BY
COMMISSIONER DATE
WHEREAS,'the Sinking Fund Committee of the City of Saint
Paul has heretofore designated The Downtown State Bank of St. Paul
as a depository for receiving and holding funds and moneys of
said City and has fixed the maximum sum which may be deposited
by the City in said bank and has also established the maximum
amount as collateral to secure such deposits of funds and moneyel
and
SAS, the Sinking Fund Committee at a recent meeting has
fixed an increased amount as the maximum City deposit, in the
amount of 280,000, and has provided that at no time shall the
amount of said City's funds deposited,pursuant to the provisions
of applicable law, Resolution of .this Council; Council-Pilo No.
222575,1 adopters March 19, 1965,, and recent action of the Sinking
Fund. Committee hereinbefort referred to, exceed either $280,000
or 10/11 of the market value of bonds of the United .States
Government or other authorized direct obligations of the United
States of America so deposited",An& "assigned by said Bank as
security therefor, and has further set the aggregate amount
of security to be deposited by said bank,in the amount of
$308,0000 now, therefore, be it
R3W, 34VXD, That the Council of the Canty of Saint Paul hereby
ratifies, adopts and approves the action of the Sinking Fund
Committee in designating'The Downtown StAte.Bpnk of at. Paul
as a depository for receiving and holding''funds and moneys of
the City and fixing the` sum of $280 ''000 alp the maximum to be
deposited in said Bank, and establishing the sum of'$308,000
as collateral -to secure these funds and moneysf be'it
FINALLY RBSOLM, That
File No. 2289380 adopted June
herebyp_ and the provisions of
File No.- 222575, adopted Marej
provided. p
Resolution of this Council, Council
3, 1966, is cancelled and superseded
Resolution of this CouncA Oouneil
h 19a 1965, are modified as herein
QED g 196
COUNCILMEN Adopted by the Council 19—
Yeas Nays
Carlson DEC 2 >3
Dalglish Approved 19—
Holland In Favor
Meredith
Peterson O Mayor
Tedesco Against
Mr. President, Byrne
X22