#057 07-07-59 Approve Community Savings & Loan AssociationResolution No. 57
July 7, 1959
Member Bies introduced the follow ng'resoluti®nrand MDVED its
adoption;
"RESOLUTION APPROVING COMMUNITY SAVINGS & LOAN
ASSOCIATION'S APPLICATION FOR INSURANCE"
WHEREAS, Community Savings and Loan Association has operated in
Robbinsdale since receiving its authority to do business as a Savings
and Loan Association from the Department of Commerce of the State of
Minnesota, -arid
WHEREAS, we as the governing body of this municipality recognize
the need for additional services of this nature, and
WHEREAS, the rapid growth of this community will increase the need
for services rendered by this association and its growth is believed
to be for the best interesrs of the community it serves, and
WHEREAS, the men who are on the Board of Directors of this
Assocation are recognized as leaders in these communities and as having
the confidence of its people,and
WHEREAS, the services of savings and loan associations in this
area are limited and are rendered primarily by similar associations
located in the downtown area of Minneapolis and some distance from
our local residents and businesses, and
WHEREAS, we recognize that Community Savings and Loan Association
by reason of being a local organization can and will receive greater
support from our people and can render greater service to our people,
and
WHEREAS, Community Savings and Loan Assocation is making an appli—
cation to the Federal Home Loan Bank for insurance of its accounts,
NOW THEREFORE BE IT RESOLVED that this Council, acting in its
capacity as governing body of this municipality, go on record as
favoring the granting of Community Savings and Loan Association's
application for insurance of its accounts and as endorsing the need
for additional services of a lending institution of this nature in
this area for home loan financing and as a depository of savings.
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M or
Attest:
Vill g Clerk a d Admi istrator
cam..,.
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Resolution No. 57 (Continued) July 7, 1959
The motion for the adoption of the foregoing resolution was duly seconded
by Member Teresi and upon vote being taken thereon, the following members
voted in favor thereof: Bies, Flannagan, Nadasdy, Scherer, and Teresi;
and the following voted against the same: None, whereupon said resolution
was declared duly passed and adopted, signed by the Mayor,and his signature
attested by the Clerk.
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