95-02CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NUMBER 95-2
REPLACING RESOLUTION OF 1994
RESOLUTION ESTABLISHING DEPOSITORIES FOR CITY FUNDS
BE IT RESOLVED, that the City of Otsego designates the First National Bank of Elk River,
Bank of Elk River, Marquette Bank of Monticello, Security Bank Northwest of St Michael, First
Bank, Norwest
Bank of Minneapolis, Edward D Jones & Co., and Minnesota Municipal Money Market Fund as the
City's Depositories of City funds.
The City Treasurer is authorized to deposit up to Two Million Dollars ($2,000,000.00)
in each of these depositories, except as to deposits insured by the Federal Deposit Insurance
Corporation or protected by collateral or a corporate security bond, the depository shall give bond to
the municipality in at least double the amount authorized to be deposited therein to be approved by
the City Council. The City Treasurer shall deposit all or any part of the City's funds into the
depository and withdraw the same where directed by the City Council to do so other terms and
conditions of deposit will be as decided by the City Council from time to time.
Dated: January 9, 1995
NbRVb& F FRESKE, MAYOR
CITY OF OTSEGO
ire
(CITY SEAL)