188308ORIGINAL TO CITY CLERK -
f CITY OF ST. PAUL
OFFICE OF THE CITY CLERK
COUNCIL R SOL TION— GENERAL FORM
PRESENTED BY��
COMMISSIONE DATE
188308
FILENCIL NO.
Council File No. 188308 —By Mrs. Donald
M. DeCourcy-
Whereas, The Sinking Fund Com-
mittee of the City of Saint Paul re-
ports to the Council that it has received
a request from Empire National Bank
of St. Paul, one of the depositories of
City funds, that the said bank desires
to substitute certain of its U.S. Govern-
ment obligations now placed in the
'
,,`,dj R4serve Bank of Minneapolis;
-� WHEREAS, the Sinking Fund Committee of the City of Saint Paul
reports to the Council that it has received a request from Empire.
National Bank of St. Paul, one of the depositories of City funds,
that the said bank desires to substitute certain of its U.S.
Government obligations now placed in the Federal Reserve Bank of
Minneapolis; and
WHEREAS, it appears that the said bank has pledged with the
Federal Reserve Bank of Minneapolis to secure deposits of the
City of Saint Paul in the Empire National Bank of St. Paul,
$500,000 U.S. Treasury 2 1/2s due November 15, 1961, and it is
the desire of said bank, as expressed in a letter dated July:.8,,
1958, directed to Mr. J. J. Mitchell, Secretary, Sinking Fund
Committee, to substitute therefor an equivalent amount in cash
covering the market value of the bonds now pledged or the same
.mount of bonds in an identical issue which the bank proposes to
substitute at the outside within 2-days after the bonds now being
held by the Federal Reserve Bank of Minneapolis are released; now,
therefore be it
RESOLVED, that permission is hereby granted to the Empire
National Bank of St. Paul to substitute for the U.S. Government
obligations hereinbefore referred to, now pledged with the Federal
Reserve Bank of Minneapolis, an amount in cash equivalent to the
amount of bonds now pledged, covering the: market value of said
bonds or the same amount of bonds in an identical issue, the
substitution of which is proposed to be made by the Empire National
Bank with the Federal Reserve Bank of Minneapolis within two days
after the bonds now being held by said Federal Reserve Bank are
released, provided however that there is no hiatus in the release
of the bonds now pledged and the cash or se ur ies to be substituted
therefor as a pledge for the deposits of the City of Saint Paul in
the said Empire National Bank of St. Paul.
COUNCILMEN
Yeas Nays
DeCourcy
Holland
Mortinson
Rosen
Winkel
Mr. res enrl�Q
WLW 5051n VOR020kimt (PtWrloa)
T-n Favor
Against
t
JUL 11 1958
1
Adopted by the Council 19—
JUL 11 1958
Approved 19—
Acting —Mayor '�
DUPLICATE TO PRINTER 188308
' CITY OF ST. PAUL COUNCIL NO.
OFFICE OF THE CITY CLERK
COUNCIL RESOLUTION — GENERAL FORM
PRESENTED BY
COMMISSIONER DATE
WIW"S, the Sinking Fund Committee of the City of Saint Paul
reports to the Council that it has received a request from Empire
National Sank of St. Paul., one of the depositories of City funds,
that the said bank desires to substitute certain of its U.S.
Government obligations now placed in the Federal Reserve Sank of
Minneapolis; and
WHEREAS, it appears that the said bank has pledged with the
Federal Reserve Hank of Minneapolis to secure deposits of the
City of .Saint Paul in the Empire National Sank of St. Paul,
$500,000 U.S. Treasury 2 1 /2s due November 15, 1961, .and it is
the desire of said bank, as expressed in a letter dated July 8,
1958, directed to Mr. J. J. Mitchell, Secretary, Sinking Fund
Committee, to substitute therefor an equivalent amount in cash
covering the market value,of the bonds now pledged or the same
amount of bonds in an identical issue which the bank proposes to
substitute at the outside within 2 days after the bonds now being
held by the Federal Reserve Bank of Minneapolis are released; now,
therefore be it
RESOLVED, that permission 3g hereby granted to the Empire
National Bank of St, Paul to substitute for the U.S. Government
obligations hereinbefore referred to, now pledged with the Federal
Reserve Bank of Minneapolis, an amount in cash equivalent to the
amount of bonds now pledged, covering the market value of said
bonds or the same amount of bonds in an identical issue, the
substitution of which is proposed to be made by the Empire National
Bank with the Federal Reserve Bank of Minneapolis within two days
after the bonds now being held by said Federal Reserve Bank are
released, provided however that there is no hiatus in the release
of the bonds now pledged and the cash or securities to be substituted
therefor as a pledge for the deposits of the City of Saint Paul in
the said Empire Rational Bank of St. Paul.
COUNCILMEN
Yeas Nays
DeCourcy
Rolland
Mortinson
pro
Rosen
Winkel
M_ r. Prestde,;D_illon. j
sM$'�ss vt (F'�reon�
Adopted by the Council JUL I 1 1958 19—
Approve 19
A/Z J U L J. 1 1958
Th Favor
Mayor
A gainst