HomeMy WebLinkAbout71-058
STATE OF MINNESOTA
COUNTY OF RAMSEY
VILLAGE OF ARDEN HILLS
.
RESOLUTION NO. 71-58
RESOLUTION AUTHORIZING VILLAGE TREASURER
TO PLEDGE SEC9RITIES
WHEREAS, the Treasurer explained that upon deposit
of funds for a municipality it is required that the deposi-
tary bank pledge Government obligations to cover 100% of
the money so deposited.
He also explained that it is customary for the
bank to pledge U. S. Treasury Notes or Bills and upon their
redemption, it is necessary that the Council adopt a reso-
lution approving the type of new securities to be pledged.
Upon motion, duly made and seconded,
RESOLVED, that the Treasurer be, and he hereby is,
authorized on behalf of the Council to approve the type of
securities to be pledged and to sign any form which may be
necessary or proper to approve the type of securities
pledged and report to the Council.
Passed by the Councl I of the VI I lage of Arden Hills this
29 day of November 1971.
.
Attest:
L~,o:'~t
Clerk Administrator