HomeMy WebLinkAboutResolution No. 039-09 �d
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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 Wells Fargo Bank of Rochester, Minnesota, has
heretofore been designated as a City Depository for funds of said City in an
amount not to exceed 900 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 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, 2009, and ending with the Thirty-first day of December, 2009.
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 Wells Fargo Bank of
Rochester, Minnesota, aggregating to the required amount, as approved by the
Common Council on January 21, 2009, pursuant to the resolution approved and
• accepting the said collateral and the assignment thereof, passed and adopted
January 21, 2009.
Passed and adopted by the Common Council of the City of Rochester,
Minnesota, this 21st day of January, 2009.
President of said Common Council
Attest:
City Clerk
Approved this X7Z day of /� _, 2009.
Mayor of said City
(Seal of the City of Rochester, Minnesota)
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