90-01CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. 90-1
RESOLUTION ESTABLISHING DEPOSITORIES FOR .CITY FUNDS
BE IT RESOLVED, that the City of Otsego designates the First
Bank National Bank of Elk River, ecurityNank Northwest of St.
Michael, First Bank, Norwest Banit Edwdsv;
ard 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
dollars
$ 2 Million/ 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:
Norman Freske, Mayor
City of Otsego
AT EST :
J me Parr t, City erk