#303 01-03-72 Designate DepositoryResolution No. 303
January 3, 1972
Member Stockman introduced the following resolution and MOVED its adoption:
RESOLUTION
(Designating Depository)
RESOLVED, That the Golden Valley State Bank of Golden Valley, Minnesota,
be and hereby is designated as a depository for the funds of the Village of
Golden Valley, and the Village Treasurer is authorized to deposit funds
therein to the amount of Six Million Dollars. Before deposits are made in
said Bank in excess of the amount of such deposits guaranteed by the Federal
Deposit Insurance Corporation, such Bank shall be required to supply to the
Village a corporate surety bond in the amount of $6,600,000, subject to the
approval of the Village Council and conditioned to repay the above amount or
any part thereof upon proper demand therefor and to perform such other duties
in connection with said deposit as the Council may require. In lieu of this
bond such Bank may furnish collateral in the manner and to the extent permit-
ted by law. All such collateral shall be approved by the Council and secured
by an assignment thereof which shall provide that in case of default upon the
part of the depository the Council of the Village shall have full power and
authority to sell such collateral or as much thereof as may be necessary to
realize the full amount due the Municipality over such Federal guaranty.
This designation is effective until the end of the present Council year,
being December 31, 1972.
May*
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was seconded by
Member Ulstad, arra upon vote being taken thereon the following members voted
in favor thereof: Hoover, Paulson, Riggs, Stockman, and Ulstad; 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 Village Clerk.
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