218308 �f
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'�� _� Council Flle No. 218308—By Janies J. ;
ORIGINA•_-^ CITY CLERK � � ,� ,d�a� -_ Dalglish— ������('� :
� G`I� O Resolved, That the Councll of the UNCIL �J .'
` • - ' City of Saint Paul hereby authorizes, E N0. _
appioves, and ,ratifles similar act on
OFFICE OF T r,Y tr,e �inkin�,'Fun� yommitte�,,of� ;
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PRESENTED BY � ! 'R4'�'f3C�A?�``' �a?"{�r,1S+1{ '� i ��
COMMISSIONE � •.,�'' �n' �' DATB ' ` � � �
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RESOL�TED, That the Council of the City of Saint Paul
y hereby authorizes, approves, and ratifies similar action
by the Sinking Fund Committee of said City, in the premises, '
and designates Guaranty Sta�e Bank of Sain� Paul, a State �
Ba,nk authorized to do business in the State of Minnesota, as
a depository of a portion of the moneys of said City, sub�ect i
. at all times to ' the applicable statutory requiremen�s that� '
said Ba.nk 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 Ba.nk, 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,
pursuant to Sec. 118.01, Minnesota Statutes Annotated, as collateral
security for the performance of the obligations of said Ba.nrk recited
. thereunder: that said Ba.nk so depositing and assignin� such� securities
shall and will safely keep and pay over to said Commissioner of
F�.nance, or hia order, on demand; free of exchange, all moneys of
said City deposited therein at any time, while auch bonds shall be
so deposited with said Commissioner, with interest, if any, � thereon,
"at�"�he 'agreed rate; that in case of default on the ��part �of said Ba,nk,
as such depository, the Council shall have full power and authority
- to se11 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, to-
gether with such interest, if any, thereon, and to pay the balanee
or over-plus, if any, to said Ba.nk; that as and for such dep�osit
and assignment� to be made by said L'ank, to said Commiss�oner; to
secure said deposit of said City's funds in said Ba.nk, the deposit
and assignment by said Ba.nk of the aggregate of $125,000 U.S�
. Treasury Notes, in accordance with the pertinent pledge of se-
curities, delivered by said Ba.nk to said Sinking Fur�.d Commit`,tee,
hereby is approved and authorized for acceptance by said Sinking
Fu.nd Committee and said Commissioner for said purposes; that the -
COUNCILMEN Adopted by the Council -19—
. Yeas Nays
DeCourcy �
Holland Approved 1g_
Loss
. In Favor
Mortinson
Peterson ' - �
� Mayor
' A gainst •
Rosen
Mr. President, Vavoulis � � ,
sM 0-61 ,
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ORIGINAL�O CITY CLERK i� � � � '
' CITY OF ST. PAUL couNCi� NO. ��'����� �
�� , OFFICE OF THE CITY CLERK FILE
COUNCIL RESOLUTION—GENERAL FORM
, _ _
PRESENTED BY
COMMISSIONER DATF
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amount of said City's funds deposited+pursuant hereto with '
said Bank, shall a� no time exceed either $112,500 or �en- �
elevenths of t�e market , value of Bonds of the United Stat�es 1
Governmen� so deposited and asaigned by said Ba.nk as seau�rity
therefor; and that "Bonds of the United States Government�" ;
hereinabove designated shall be deemed to include Bonds, � '
U.S. Treasury Bills, U.S. Treasury Notes or other interest �
_ � bearing obligations of the United Sta�es for the payment of
which and interest �hereon the faith of the Federal Government
is pledged.
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- MAY 2 61 � �
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COUNCILMEN Adopted by the Council 19__ .
Yeas Nays . . M(��( 2 6 3J .
DeCourcy `
Holland �� Approved � 1g_
f
� � � ��
Tn Favor
ortinson _ I
Peterson � � ��.�1� Mayor
A gainst
��,�t,osen - -
Mr. President,��oulis ���"��
�
sM G-(il