HomeMy WebLinkAboutResolution No. 013-11 ,".30-2-
R E S O L U T I O N
• BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota:
THAT WHEREAS, the US Bank of Rochester, Minnesota, has here ofore been
designated as a City Depository for funds of said City in an am unt not to
exceed 900 of market value of pledged securities plus $250, 000,
WHEREAS, the said bank has pledged in lieu of a depository bond,
sufficient collateral to meet the security requirements of Minnesot� statutes,
i bank has given an assignment of above securities to the
WHEREAS, the said g gn
City of Rochester, Minnesota:
SO THEREFORE, be it resolved by the Common Council of the City of
Rochester, Minnesota:
That the said collateral and the assignment thereof is hereby approved
and accepted in lieu of a depository bond, commencing with the First day of
January, 2011, and ending with the Thirty-first day of December, 20111.
Be it further resolved by the said Common Council: that the Treasurer of
said City is hereby authorized and directed to execute the proper papers
accepting pledged securities as collateral security held in trust for the City
of Rochester, Minnesota, and/or a Depository Bond from the First Bank of
Rochester, Minnesota, aggregating to the required amount, effective January 1,
2011, pursuant to the resolutions approved and accepting the said collateral
and the assignment thereof, passed and adopted January 3, 2011.
Passed and adopted by the Common Council of the City of Rochester,
Minnesota, this 3rd day of January, 201
President of said Common dbuncil
Attest:
City Clerk
Approved this ,0 day of ��� 2011.
Mayor of said City
(Seal of the City of
Rochester, Minnesota) r
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