86-002 - 01-07 Authorizing the City Treasurer to make Collateral Substitutions Resolution 86-2 January 7, 1986
P�ember Bakken introduced the following resolution and moved its adoption:
RESOLUTIOP� AUTHORIZING THE CITY TREASURER
TO P1AKE COLLATERAL SUBSTITUTIONS
WHEREAS, Minnesota Statute 118.005, Subd. 2 requires that all uninsured
municipal deposits made with Banks and Savings & Loan institutions be covered
with pledged collateral in an a�ount at least 110 percent of the uninsured
deposits; and
WNEREAS, the pledged collateral is usually real estate mortgages or
governmental securities, which are on occasion replaced with like collateral
upon sale or maturity; and
WHEREAS, Minnesota Statute 118.01, Subd. 10 requires that all such
collateral substitutions be approved by the City Council or its designee.
NOW, THEREFORE, gE IT RESOLVED by the City Council of the City of Golden
Valley to authorize the City Treasurer to approve all collateral substitutions
related to the City's deposits with Banks and Savings & Loan institutions.
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Mary E. derson, Mayor
ATTEST:
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F;�t��� � �� �����4�
J;iady Na � y, Deputy t ity Clerk
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The motion for the adoption of the foregoing resolution was seconded by P�lember
Thompson and upon a vote being taken thereon, the following voted in favor
thereof: Anderson, Bakken, Johnson, Stockman and Thompson; and the following
voted against the same: none, whereupon said resolution vdas declared duly
passed and adopted, signed by the F1ayor and her signature attested by the Deputy
City Clerk.