93-52CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO 93-52
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, 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 $ 2 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". Jain�t�rK 11. 1993 -�
Norman F Freske, Mayor
City of Otsego
ATT ST=
Je ome t rrault, City Clerk
CITY SEAL