1957-1397r
II
RESOLUTION NO« 1397
RESOLUTION RELEASING COLLATERAL OF NORTHWESTERN
NATIONAL BANK AND ACCEPTING SUBSTITUTION THEREFOR
BE IT RESOLVBD by the Village Council of the Village of Richfield
as follows:~
1. That the council authorize the release of the follow-
ing securities heretofore pledged as collateral by the '
Northwestern National Bank which will mature on August 1,,
1957:
$200,000 U. ~. Treasury Notes,.. Series D-57, 2 3/4%
due August 1,. 1957
2. That the council approve and accept in substitution of the
aforementioned collateral the following securities:
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t
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$200,000 U. S. Treasury notes, 4°~r due Aug. ip 1959
3. That the council determines that the amount of $228,000.00
still p1e dged by the Northwestern National Bank is sufficient
collateral.
4. That the dires;tor of Finance be authorized to do all things.
necessary to effect this release,
Passed by the'viilage council of the Village of Richfield this 12th
day of August, 1957.
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~, ,
Paul H. Haug ,Village Clerk
Fred O~ Kittell,,-Mayor
O.~tR~Van ~evelen,. Manager
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