HomeMy WebLinkAboutResolution No. 082-07 ? - D-b�0
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 90% of the 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, 2007 .
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 February 21, 2007, pursuant to the resolution approved and
• accepting the said collateral and the assignment thereof, passed and adopted
February 21, 2007.
BE IT FURTHER RESOLVED that the Resolution is declared to be continuing in
nature and will remain in effect until such time as it is amended or
rescinded.
Passed and adopted by the Common Council of the City of Rochester,
Minnesota, this 21st day of February, 2007.
President of said Common Council
Attest:
City Clerk
Approved this �;7 day of �� 2007.
Mayor of Said City
• (Seal of the City of
Rochester, Minnesota)