231204O 7AL TO CI`\' CLERK
PRESENTED BY
COMMISSIONI
CITY OF ST. PAUL
OFFICE OF THE CITY CLERK
CAILA0,0LUTION— GENERAL FORM
COUNCIL 221204
FILE NO.
" RESOLVED, That the Council of the City of Saint Paul
hereby authorizes, approves, and ratifies similar action by the
Sinking Fund Committee of said City, in the premises, and
designates Summit National Bank of Saint Paul, a national bank
authorized to do business in the State of Minnesota, as a
depository of a portion of the moneys of said City, subject at
all times - -to the applicable statutory requirements that said
Bank shall furnish and maintain on deposit with the Commissioner
of Finance of said City bonds of the United States Government
in amount equal to 110 per cent of the maximum amount of money
of said City at any time on deposit with said Bank, such bonds
having a market value -of at least par or equivalent of 110 per
cent of the amount of such deposit, approved by this Council,
and accompanied by a proper assignment of the same to said City,
to the end the said Bank so depositing and assigning such securities
shall and will safely keep and pay over to said Commissioner of
Finance, or his order, on demand, free of exchange, all moneys
of said City deposited therein at any time, while such bonds shall
be so deposited with said Commissioner, with interest, if any,
thereon, at the agreed ratei that in case of default on the part
of said Bank, as such depostory, the Council shall have full
power and authority to sell such bonds or so much thereof as
may be necessary to realize the full amount of said Cityts funds
so deposited in said Bank, together with such interest, if any,
thereon, and to pay the balance or over- plus,.if any, to said
Bank; that as and for such deposit and assignment to be made by
said Bank, to said Commissioner, to secure said deposit of said
Cityts funds in said Bank, the deposit and assignment by said Bank
of the aggregate of not less than $308,000 U. S. Treasury Bills
or Rtes, in' accordance with the pertinent pledge of securities,
delivered by said Bank to said Sinking Fund Committee, hereby
is approved and authorized for acceptance by said Commissioner
for said purposes- that the amount of said Cityts funds deposited
ursuant hereto with said Bank, shall at no time exceed either
280,000 or ten - elevenths of-.the-market value of bonds so deposited
and assigned by said Bank as security therefor; that "Bonds of the
United States Government" hereinabove designated shall be deemed
COUNCILMEN FAA PPROVED ��opted by the Council 19._
Yeas Nays
Carlson _ Asst. Corporation Cou e
Dalglish Approved 19_
Holland
' In Favor
Meredith
Peterson Mayor
Tedesco Against
Mr. President, Byrne
X22
- r-
ORIQ.J rtA+L TO CITY CLERK
CITY 1 OF ST, PAUL COUNCIL.
�
OFFICE OF THE CITY CLERK FILE NO.
COUNCIL RESOLUTION - GENERAL FORM
PRESENTED BY
COMMISSIONER DATE
to include;Bonds, U. S. Treasury Bills or other interest bearing
obligations of the United States ftr the payment of which and
interest thereon the faith of the Federal Government is pledged;
be it
FURTHER RESOLVED, That this resolution shall cancel
and supersede any prior resolution designating the aforesaid Bank
as a depository of moneys of the City of Saint Paul.
DEC 15 1966
COUNCILMEN Adopted by the Council 19—
Yeas Nays ariwn -c- DEC 15 1966
Dalglish 4proved 19—
Holland Tn Favor
Meredith '46�'-4
Peterson O Mayor
Tedesco Against
Mr. President, Byrne PUBLISHED
X22
DA- LICATE TO I-PWTER
CITY OF ST. PAUL COUNCIL NO
OFFICE OF THE CITY CLERK FILE
COUNCIL RESOLUTION — GENERAL FORM
PRESENTED BY
COMMISSIONER DATE
•
233.204
RESOLVED, That the Council of the City of Saint Paul
hereby authorizes, approves, and ratifies similar action by the
Sinking Fund Committee of said City, in the premises, and
designates Summit National Bank of Saint Paul, a national bank
authorized to do business in the State of Minnesota, as a
depository of a portion of the moneys of said City, subject at
all times to the applicable statutory requirements that said
Bank shall furnish and maintain on deposit with the Commissioner
of Finance of said City bonds of the United States Government
in amount equal to 110 per cent of the maximum amount of money
of said City at any time on deposit with said Bank, such bonds
having a market value of at least par or equivalent of 110 per
cent of the amount of such deposit, approved by this Council,
and accompanied by a proper assignment of the same to said City,
to the end the said Bank so depositing and assigning such securities
shall and will safely keep and pay over to said Commissioner of
Finance, or his order, on demand, free of exchange, all moneys
of said City deposited therein at any time, while such bonds shall
be so deposited with said Commissioner, with interest, if any,
thereon, at the agreed rate that in case of default on the part
of said Bank, as such depository, the Council shall have full
power and authority to sell such bonds or so much thereof as
may be necessary to realize the full amount of said City's funds
so deposited in said Bank, together with such interest, if any,
thereon, and to pay the balance or over -plus, if any, to said
Bank; that as and for such deposit and assignment to be made by
said Bank, to said Commissioner, to secure said deposit of said
City's funds in said Bank, the deposit and assignment by said Bank
of the aggregate of not less than $308,000 U. S. Treasury Bills
or Notes, in accordance with the pertinent pledge of securities,
delivered by said Bank to said Sinking Fund Committee, hereby
is approved and authorized for acceptance by said Commissioner
for said purposes; that the amount of said City's funds deposited
pursuant hereto with said Bank, shall at no time exceed either
$280,000 or ten - elevenths of the market value of bonds so deposited
and assigned by said Bank as security therefor; that "Bonds of the
United States Government" hereinabove designated shall be deemed
COUNCILMEN
Yeas Nays
Carlson
Adopted by the Council 19—
Dalglish Approved 19
Holland
In Favor
Meredith
Peterson Mayor
Tedesco Against
Mr. President, Byrne
X22
DUPLICATE TO PRJNTER
f'
PRESENTED
COMMISSIi
CITY OF ST. PAUL
OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION — GENERAL FORM
FILE NCIL NO.
231204
to include,Bonds, U. S. Treasury Bills or other interest bearing
obligations of the United States ftr the payment of which and
interest thereon the faith of the Federal Government is pledged;
be it
FURTHER RESOLVED, That this resolution shall cancel
and supersede any prior resolution designating the aforesaid Bank
as a depository of moneys of the City of Saint Paul.
DEC 1519
COUNCILMEN Adopted by the Council 19—
Yeas Nays 15 19��
C—ArTs--off
Dalglish Approved 19_
Holland In Favor
Meredith
Peterson v Mayor
Tedesco
Against
Mr. President, Byrne
X22