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<br />STATE OF MINNESOTA <br /> <br />COUNTY OF RAMSEY <br /> <br />VILLAGE OF ARDEN HILLS <br /> <br />RESOLUTION APPROVING SECURING DEPOSITS AND PLACES OF <br /> <br />. <br /> <br />SAFEKEEPING IN ACCORDANCE WITH STATUTORY REQUIREMENTS. <br /> <br />WHEREAS, The First State Bank of New Brighton, an approved depository <br /> <br />of Village funds has deposited Ninety One Thousand Dollars ($91,000.00) in <br /> <br />U.S. Treasury Notes with The Marquette National Bank of Minneapolis to secure <br /> <br />deposits by the Village of funds in excess of the Federal Deposit Insurance <br /> <br />Corporation insurance limitations, and <br /> <br />WHEREAS, The First National Bank of Saint Paul, an approved depository <br /> <br />of the Village, has deposited Twenty Thousand Dollars ($20,000.00) in U. S. <br /> <br />Treasury Notes with The Federal Reserve Bank of Minneapolis to secure <br /> <br />deposits of Village funds with it in excess of the FDIC requirements, and <br /> <br />WHEREAS, said deposits are made pursuant to assignments to the Village <br /> <br />in compliance with the requirements of Chapter 118 and Chapter 427 of <br /> <br />Minnesota Statutes Annotated, and <br /> <br />WHEREAS, it appears to the Council of Arden Hills that the amount of <br /> <br />such security deposits is sufficient to meet the deposits currently being <br /> <br />made with said banks by the Village of Arden Hills, and said places of safe- <br /> <br />keeping are adequate and satisfactory to the Council, <br /> <br />NOW THEREFORE, BE IT RESOLVED, that the aforesaid pledging of collateral <br /> <br />in The Federal Reserve Bank of Minneapolis and The Marquette National Bank of <br /> <br />Minneapolis by The First National Bank of Saint Paul and The First State Bank <br /> <br />of New Brighton, respectively, be and they are in all things approved and <br /> <br />. <br /> <br />confirmed, subject to the statutory requirement that such deposits be kept <br /> <br />adequate at all times and that the Council be promptly notified of any <br /> <br />substitution of collateral. <br /> <br />Dated at Arden Hills, Minnesota this 25th day of May, 1964. <br /> <br />~ t :5t~ <br /> <br />Lorraine E. Stromquist, Cler <br />