212201ORIGINA b,Tl.rj7•Y CLERK 1i
CITY OF ST. PAUEU13L COUNCIL 21.2201
ICE OF THE CITY CLERK O�
ll File No. 212201 —By James J.
UN I RES LU GENERAL FORM flash— -
lved, That the Council of the
:f Saint Paul hereby authorizes '
PRESENTED BY 1 es, and ratiBF, imilar action
COMMISSIONE DATE ing Fun' - i0J
RESOLVED, that the Council of the City of Saint Paul hereby
authorizes, approves, and ratifies similar action by the Sinking Fund Com-
mittee of said City, in the premises, and designates Capital City State
Bank of Saint Paul, a 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 -abd
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 pax 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 with
said Commissioner, to secure said-deposit of said City's funds in said Bank, the
deposit and assignment by said Bank of $25,000, 3 3/4% U. S. Treasury Notes, due \`
August 15, 1967, 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 Sinking Fund Committee�%and 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 $22,700 or ten - elevenths of the market
value of bonds so deposited and assigned by said Bank as security therefor.
10111 0-02
p�R 1963
Adopted by the Council 19—
bn 16 1963
Approved 19—
AA &a�_
Mayor
COUNCILMEN
Yeas Nays
(0
Dalglish
Holland
Loss
Jj In Favor
Mortinson
Peterson
D Against
Rosen
Mr. President, Vavoulis
10111 0-02
p�R 1963
Adopted by the Council 19—
bn 16 1963
Approved 19—
AA &a�_
Mayor