HomeMy WebLinkAboutResolution No. 008-06 R E S O L U T I O N
BE IT HEREBY RESOLVED, that the following Banks, and thrift
institutions, authorized to do business in Minnesota, be and hereby are
• designated depositories of the public funds of the City of Rochester,
Minnesota, for the term commencing with the First day of January, 2006,
and ending with the Thirty-first day of December, 2006 to-wit:
US Bank Rochester
Wells Fargo Bank Rochester
Upon the terms and conditions following to-wit:
That this designation is subject to the "right of said City of
Rochester to modify, vacate, and revoke the same according to law:
That said depositories shall first execute and deliver to said City
of Rochester a surety bond approved by it in an amount at least 100% the
aggregate limit above specified to be deposited therein at any one time,
conditioned according to law, and such other or additional bond on
demand of said City of Rochester in case it shall deem said surety
insufficient and the public interest require it.
Provided however, that said depositor may in accordance with
Minnesota Statutes, Section 118 . 01 as amended, in lieu of such bonds,
assign to said City of Rochester and deposit securities authorized by
law for the purpose in a total amount, computed at their market value,
of at least ten percent more than said aggregate limit to be deposited
there in any one time; and that it may, at its discretion, furnish both
surety bonds and deposit such collateral securities aggregating such
amount, upon approval of said City of Rochester, in which case such
collateral securities shall not be withdrawn without consent of the
surety on such surety bond:
That said depositories shall pay interest at such rate or rates,
if any, per annum as may be mutually agreed upon by the City of
Rochester and thee respective depository at the time such deposits are
made:
That said depositories shall pay on demand all deposits therein
subject to payment on demand, with accrued interest, and pay on demand
all time deposits therein, with accrued interest, at or after the end of
the periods for which the same shall be deposited.
Passed and adopted by the Common Council of the City of Rochester,
Minnesota, this 9th day of January, 2006.
President of said Common Council
Attest.
Cit Clerk
Mayor of said City
Approved this 1077f day of 2006.
(Seal of the City' of. Rgchester, Minnesota)