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<br />'* <br /> <br />'j <br /> <br />RESOLUTION NO. <br /> <br />84-7 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION DESIGNATING INSTITUTIONS AS DEPOSITORIES OF CITY <br />FUNDS FOR INVESTMENT PURPOSES <br /> <br />WHEREAS the City Council must officially designate <br />depositories for funds and <br /> <br />WHEREAS the City Council designated the First State Bank of <br />New Brighton as its primary depository, and <br /> <br />WHEREAS the City Council has determined that it is the best <br />interest of the City to designate additional depositories of <br />City funds for investment purposes, and <br /> <br />WHEREAS deposits in excess of the Federal Deposit Insurance <br />Corporation or Federal Savings and Loan Insurance Corporation <br />shall be protected by corporate surety bond or collateral <br />security in accordance with Minnesota Statutes Section 118.01. <br /> <br />NOW THEREFORE BE IT RESOLVED that the City Council of <br />New Brighton designates the following institutions as depositories <br />of Ci tyfunds for investment purposes: ' <br /> <br />First State Bank of New Brighton <br />American National Bank <br />Norwest Bank Central <br />Norwest Bank Minneapolis <br />Norwest Bank St. Paul <br />Oak Park Heights State Bank <br />First Bank Minneapolis <br />First Bank St. Paul <br />F & M Marquette National Bank <br />First State Bank of St. Paul <br />Twin City Federal Savings and Loan <br />Dain Bosworth Incorporate of Minneapolis <br /> <br />BE IT FURTHER RESOLVED that the City Council of New Brighton <br />approves either a corporate surety bond or collateral furnished <br />as a security when deposits made at any depository herein <br />specified exceed the Federal Deposit Insurance Corporation or <br />Federal Savings and Loan Insurance Corporation guarantee. <br /> <br />Adopted this <br /> <br />14th <br /> <br />day of <br /> <br />February <br /> <br />, 1984. <br /> <br />~~~ <br /> <br />ATTEST: <br /> <br /> <br />1, <br /> <br />~~~n <br /> <br />Finance Director <br /> <br />( S:eAL)- <br /> <br />-. <br />