2000 HRA Resolution 0748
HRA RESOLUTION NO. 748
RESOLUTION DESIGNATING THE RICHFIELD BANK AND TRUST COMPANY
A DEPOSITORY OF FUNDS OF THE HOUSING AND REDEVELOPMENT
AUTHORITY OF RICHFIELD FOR THE YEAR 2000 AND APPROVING
COLLATERAL
BE IT RESOLVED
, by the Housing and Redevelopment Authority of Richfield as
follows:
That, in accordance with Minnesota Statutes, Section 475.66 and 118.005, the
Richfield Bank and Trust Company be, and hereby is designated a depository of the
funds of the Housing and Redevelopment Authority of Richfield, subject to modification
and revocation at any time by said Housing and Redevelopment Authority, and subject
to the following terms and conditions:
The said depository shall not be required to give bonds or other securities for
such deposits provided that the total sum thereof shall not at any time exceed in any
depository the sums for which its deposits are insured under the Acts of Congress of the
United States relating to insurance of bank deposits; but that in case such deposits in
any such depository shall at any time exceed such insured sum, said depository shall
immediately furnish bonds or other security for such excess according to law, approved
by the Housing and Redevelopment Authority of Richfield.
That said depository shall pay on demand all deposits therein; and shall pay all
time deposits, at or after the end of the period for which the same shall be deposited, on
demand.
BE IT FURTHER RESOLVED
, that there shall be maintained a general account
in which shall be deposited all monies. The following officers or their facsimile
signatures shall sign checks on this account;
THOMAS E. HARMS, CHAIR
SAMANTHA ORDUNO, EXECUTIVE DIRECTOR
BE IT FURTHER RESOLVED
, that there shall be a daily interest savings
account. All withdrawals from said account will be for transfers to the general checking
account.
BE IT FURTHER RESOLVED
, that collateral in the amount of $1,315,000, is
deposited for safekeeping at the Federal Reserve Bank of Minneapolis, is hereby
approved.
Passed by the Housing and Redevelopment Authority of Richfield, Minnesota this
18th day of January, 2000.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary