196779`i
ORIGINAL TO CITY CLERK
e''• f
_ y
CITY OF ST. PAUL
OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION — GENERAL FO
196779• t'
t
COUNCIL NO.
FILE
Council File No. 196779 —By Mrs. Donald
M. DeCourcy-
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
Northwestern State Bank, a bank au-
thorized to do business in the State
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 Northwestern
State Bank, 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 and maintain on deposit with the Commissioner of Finance of said
City bonds of the United States Government in amount equal to 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 the amount of such deposit, approved by this Council, and accompanied
by a proper assignment of the same to said City, to the end tYit 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 Com-
missioner, 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 r$100,000 U. S. Treasury
Bonds No. 7082, maturing August 15,'1963, 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
Committbe and said Commissioner fof said purposes; that the amount of said
City's funds deposited pursuant hereto with said Bank shall at no time
e±ceed either $100,000 or the market value of bonds so deposited and
assigned by said Bank as security therefor. f
ppR 2 p 00
COUNCILMEN w Adopted by the Council 19
Yeas Nays
DeCourcy
Holland
Martinson
Peterson
Rosen
Winkel
Mr. President, Dillon
6M 7-69 c8
J__J1n Favor
Against
2 0 �y6o
Approved Pon
Mayor
DUPLICATE TO PRINTER 196779
79
CITY OF ST. PAUL FC,O ENCIL NO.
OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION — GENERAL FORM
PRESENTED BY
COMMISSIONER DATEr
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 Northwestern
State Bank a bank authorized to do business in the State of Minnesota,
as a depository of a portion of the moneys of said Cityo 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 the
maximum amount of money of said City at any time on deposit with said
Banks such bonds. having a market value of at least par or equivalent
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 tht 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 timer while such bonds shall be so deposited with said Com-
missioner, with interest, if anyy 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 sa#d City's funds so
deposited in said Bank, together with such interestj, if any, thereon,
and to pay the balance or overiplua, if any, to said Bank that as and
for such deposit and assignment to be made by said Bank with said
omm,ssioner, to secure said deposit of said C ty s funds in said Bunk,
the deposit and assignment by said Bank of 4$160,000 U.. S. Treasury
Bonds No. 70820 maturing August 15', 1963., 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 Hund
ai Ube and said Commissioner fof said purposes; that the amount of said
C ty4a funds deposited lbiirsu&nt hereto with said Bank shall at no time
efcceed either $100,000 or the market value of bonds so deposited and
assigned by said bank as security theraforb
COUNCILMEN
Yeas Nays
DeCourcy
Holland
Martinson
Peterson In Favor
Rosen
Winkel Against
Mr. President, Dillon
5M 7 -69 8
p�pR 2 � 1�6U
Adopted by the Council 19
2
p 1960
Approved �R 19
Mayor