#403 08-07-72 Designate DepositoryResolution No. 103 August 7, 1972
Member Stockman introduced the following resolution and MOVED its adoption:
RESOLUTION
(Designating Depository)
RESOLVED, that the North American Branch -Northwestern 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 THDUSAND
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 $1101,000, subject to the approval of the Village Council and
conditioned to repay the above amount or any part thereof upon proper demand
therefore 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.
Mayor
Attest:
Village Clerk
The motion for the adoption of the foregoing resolution was seconded by
Member Hoover, and upon vote being taken thereon the following members voted
in favor thereof: Hoover, Riggs, Stockman, 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.