HomeMy WebLinkAboutResolution No. 014-11 R E S O L U T I O N
BE IT RESOLVED by the Common Council of the City of Rochester, innesota:
THAT WHEREAS, the Wells Fargo Bank of Rochester, Minne ota, has
heretofore been designated as a City Depository for funds of said ity in an
amount not to exceed 906 of the 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 Minnesota statutes,
WHEREAS, the said bank has given an assignment of above securities to the
City of Rochester, Minnesota:
SO THEREFORE, be it resolved by the Common Council of th City of
Rochester, Minnesota:
That the said collateral and the assignment thereof is hereb approved
and accepted in lieu of a depository bond, commencing with the Fi st day of
January, 2011, and ending with the Thirty-first day of December, 201 .
Be it further resolved by the said Common Council: that the T easurer of
said City is hereby authorized and directed to execute the proper papers
accepting pledged securities as collateral security held in trust f�r the City
of Rochester, Minnesota, and/or a Depository Bond from Wells Faro Bank of
Rochester, Minnesota, aggregating to the required amount, as approved by the
Common Council on January 3, 2011, pursuant to the resolution ap�roved 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
"z
President of said Common Council
Attest: C Z/d,/,"/j,
C ty Clerk
Approved this 7U7 day of 2011.
Mayor of said City
(Seal of the City of `
Rochester, Minnesota)
i