1957-1441rzz
RBS OLUTION N0. 144 L,,,_
RESOLUTION RBLEAS7NG COLLATBRAL OP RICHFIELD
STATE BANK AND ACCBPTiNG SUBSTITUTION THEREFOR
BB IT RESOLVED by the Village Council of the Village of Richfield as foi-
lowss
1; That the council authorize the release of the following secwr-
ity heretofore pledged as collateral by the Richfield State Bang
which will mature on November 1,. 1957:
$100,,000 in Federal Intermediate Credit Banks,. 3.80%
2. That the Council approve and accept in substitution of-the
aforementioned collateral the following securities:
$100,000 in U. S. Treasury Notes,. 4%, due Aug. 15, 1962
3.. That additional collateral in the amount of $300,D00 as follows
be and the same is hereby approved ~~
$100;000 in U.S. Treasury Bonds„ 2a%; due June 15; 1962-59
$200,,000 in U.S. Treasury Bonds, 2~~, due Aug.. 15,: 1963
4. That the balance of collateral in the amount of $652,000 is
sufficient.
5. That the Director of Finance'be authorized to do all things
necessary to effect this release, eutba~~~ii~oa and addition of
collateral..
Passed by the Village Council this 14th day of October, 1957.
~~~~
Ll~ M~yor
ATTEST: f
1
Pau H. Haug ,Village Clerk
. VaaiaErevel~n,, Manager
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