#306 01-03-72 Designate DepositoryResolution No. 306
January 3, 1972
Member Ulstad introduced the following resolution and MOVED its adoption:
RESOLUTION
(Designating Depository)
RESOLVED, That the First Plymouth National Bank of Minneapolis, 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 HUNDRED THOUSAND 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 $110,000, subject to
the approval of the Village Countil 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 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.
FA &ZAA wnwl'
Ed
Attest:
, (;D
Village 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 follow-
ing 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.
1
L,
1