HomeMy WebLinkAboutResolution No. 031-08 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 $1,00, 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, 2008, and ending with the Thirty-first day of December, 2008 .
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, effective January 1,
2008, pursuant to the resolutions approved and accepting the said collateral
• and the assignment thereof, passed and adopted January 20, 2008 .
Passed and adopted by the Common Council of the City of Rochester,
Minnesota, this 24th day of January, 2008 .
z3t�
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President of said Common Council
Attest
ity Clerk
Approved this Z day of Q9*)L)W. 2008 .
/&ao e�
Mayor of said City
(Seal of the City of Rochester,, Minnesota)