Res 76 - 53 Authorizing Establishment of Passbook Savings Account0
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• ' CITY OF MENDOTA�HEIGHTS
. . � •Dakota County, Minnesota - �
� RESOLUTION NO. 76-53 ' , ' . . �� •
- - . ' � �
• RESOLUTION AUTHORIZING ESTABLISE�tENT OF
� , PASSBOOK 5AVINGS ACCOUNT . ,- .
. • .
- ,� WE�REAS, the City.of Mendota Heights has, from time to time, idle '� .
, funds as deposits in the checking account; and . � .
_ . . - � x., ,
. . ' • .' • • _ �� � . . - �.. P< � . . .
. -- a WI�REAS, prudent investment of such ii31e funds, on a daily basis,'
� adds,to the financial resources o.f the community; and
� s : . , . . v � r . .- : ' .
. . `.'WF�REAS,`Minnesota Statutes; Section�471.56 authorizes any City to .
invest funds not presently,needed,in obligatibns; and . .
- , 1 ' � 'V - 7 .
, . . tc i y ' _ • � �:,, - • , "
• , WI�REAS,,every City is now authorized to place its idle funds in _
� interest-bearing savings accounts in a bank (M.8.�475.66); and .
•� -�. WI�REAS, the Dakota County State Bank has agreed.to open a�•savings �"
_account premised on un-needed funds in the checking account; and .
- WHEREAS, such savings account would bear interest at the passbook � _
' . � � rate ; . . , . • ,-
� . NOW TI�REFORE IT IS HEREBY RESOLVED by the City Council of the City
of Mendota Heights that; - � � .
1: The Clerk-Treasurer is hereby authorized and directed to ,'
. � �" ,.' establish a passbook savings account with the Dakota � '
� k • County State Bank; .• . .
• ' . 2. He is authorized to make transfers'between the cliecking
.- �, account and savings account as cash flow criteria demand;'
. � � . � 3. The accrued interest is to be creditedC,to the general `.
• • - � fund account.- - � ' .
Adopted by the City Council of the City of Mendota Heights this Twentieth =
day of July, ; 1976. _ . - • . � . .
� CITY COUNCIL � ' .
' , CITY OF MENDOTA HEIGHTS � -
. . . . ` r , � BY �%`V'—��
' ' � - Donald L. Huber ' . '
- � � Mayor � , '
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