215928ORIGINAL TO CITY CLERK pUBLISIiED
CITY OF ST. PAUL COUNCIL NO
PRESENTED
COMMISSIi
LIZ
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of
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OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION — GENERAL FORM
Xr' nATC
FILE —
Council File No. 215928 —By George J.
Vavoulis, Mayor, by request-
,_ R�. olved, That the Council of the
t }• ;f �tsint T'aul ,hereby authorizes,
S
`nilar action
w c Irkwoblz s .3 nraittee of
RESOLVED, .,That the Council or the Clty or 'salnti
Paul hereby authorizes, approves, and ratifies similar
action by the Sinking Futd Committee of said City, in the
premises, and designates Summit National Bank of Saint Paul,
a national bank authorized to do business its the State of
Minnesota, as a depository of a portion of the moneys of
said City, subject at all W:mes'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 rafely 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 in-
terest, 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 realiz -e 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
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
COUNCILMEN
Yeas Nays
Dalglish
Holland
Loss
Mortinson
Peterson
Rosen
Mr. President, Vavoulis
10M 8-82
- In Favor
Against
Adopted by the Council 19—
Approved 19—
Mayor
ORIGINAL TO CITY CLERK • i r -192b
"-' CITY OF ST. PAUL COUNCIL NO. �•�'A', VV
OFFICE OF THE CITY CLERK FILE
COUNCIL RESOLUTION — GENERAL FORM
PRESENTED V '- .
COMMISSIONER-
-2-
the aggregate of $200,000 U. S. Treasury Bills, 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 $181,100 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's hereinabove designated shall be deemed to include
Bonds U. S. Treasury Bills or other interest bearing obligations
of the United States for the payment of which and interest
thereon the faith of the Federal Government is pledged.
I
COUNCILMEN
Yeas Nays
Holland
Loss
Msen
Peterson
Rosen
Mr. President, Vavoulis
font "2
t
n Favor
v
Against
Adopted by the Council DEC 2 0 1963 19—