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HomeMy WebLinkAboutResolution No. 013-05 0 f3 ,©�. 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 heretofore been designated as a City Depository for funds of said City in an amount not to exceed 90% of market value of pledged securities plus $100, 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, 2005, and ending with the Thirty-first day of December, 2005. 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, as approved by the Common Council on January 3, 2005, pursuant to the resolutions approved and accepting the said collateral and the assignment thereof, passed and adopted January 3, 2005. Passed and adopted by the Common Council of the City of Rochester, Minnesota, this 3rd day of January, 2005 . President of said Common Council Attest City Clerk Approved this -6 day of 2005 . Mayor of said City,; (Seal of -the City of' Rochester, ',Minnesota) n