1957-1329r°-- ~i
RESOLUTION N0. 1329
RESOLUTION RELEASING COIl.ATERAb OF RICHFIELD
STATE BANK AND ACCEPTII~~ SUBSTITUTION THEREFOR
BE IT RESOLVED By the village council of the Village of Richfield as
follows:
1. That the council authorise the release of the following security
heretofore pledged as collateral by the Richfield State Bank which will
mature on June 1, 1957°
$3,000 in Village"of Mound, rv.nn. Water Main Improvement #8
Cert.. of Indebt. , 1.80%
2. That the Council approve and accept in substitution of the afore-
mentioned coilaterai the following secttrities~
$100,,000 Federal Intermediate Credit Banks, 3.80°fo, due 11/1/57
50,000 City of ' Moorhead, Minn. Imp. Bond of 1955, 3a%, 20M Clue
12/1/60, 30M due 12/1/61
10,000 City of Moorhead, Minn. Park Bond of 1956, 3~~, due
12/1/61
3. That the balance of collateral in the amount of $379,000 is suffi-
cient.
4. That the Director of Pinance be authorized to cb all things neces-
sarp to affect this release and substitution of collateral.
Passed by the Village Council this 13th day of Mayo 1957.
ATTEST:
Paul H. Hauge ,Village Clerk
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