#304 01-03-72 Designate Depository134
Resolution No, 304
January 3, 1972
Member Ulstad introduced the following resolution and MOVED its adoption:
RESOLUTION
(Designating Depository)
RESOLVED, That the Northwestern National Bank of Hopkins, Minnesota, be
and hereby is designated as a depository for the funds of the Village of
Golden Valley, Minnesota, and the Village Treasurer is authorized to deposit
funds therein to the amount of ONE 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 $15100,000, subject
to the approval of the Village Council and conditioned to repay the ahove
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 permitted 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.
ayor
Attest:
7illage Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Stockman, and 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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