HomeMy Public PortalAboutR0007 R E S O L U T I O N NO. 7
WHEREAS, the District presently has no depository and
it will be necessary immediately to have a depository for funds
coming into the possession of the District;
NOW, THEREFORE, BE IT RESOLVED, that the First National
Bank in St. Louis be, and the same hereby is, selected as
depository for the deposit of all funds for the District and any
subdistrict; and
BE IT FURTHER RESOLVED, that, as a condition precedent
to the deposit of the funds of the District in said Bank, said
Bank shall deposit with the Federal Reserve Bank of St. Louis
securities of the kind and character as provided in Section 30.270
of the Revised Statutes of Missouri, 1949, equal in market value
to the sum of $50,000, and that upon increase of the deposits of
the District with said Bank in excess of $50,000, said Bank will
make further deposits of securities of like kind and character
with the Federal Reserve Bank equal in market value to the amount
by which deposits are increased over and above $50,000.
BE IT FURTHER RESOLVED, that the First National Bank in
St. Louis may, at any time, withdraw any of the securities so
deposited upon depositing other securities of the kind and
character specified in said Section 30.270 having a market value
equal to or in excess of the market value of the securities
withdrawn. Such withdrawal and substitution may be made by any
authorized officer of the First National Bank in St. Louis, and
Harry F. Thomson, Executive Director of the District; Loretta
McKenna, Secretary-Treasurer of the District or Victor A. Ellman,
Director of Finance of the District, such consent to withdraw and
substitution to be evidenced by such form of authorization as may
be required by such Federal Reserve Bank of St. Louis.
BE IT FURTHER RESOLVED that the Secretary-Treasurer,
Loretta McKenna, be and she is hereby authorized to sign all
checks drawn on said deposit in the First National Bank in St.
Louis. The above Resolution was adopted July 1, 1954.