1998 HRA Resolution 0652
HRA RESOLUTION NO. 652
RESOLUTION DESIGNATING THE FIRSTAR BANK A DEPOSITORY
OF FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY FOR
RICHFIELD FOR THE YEAR 1998 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
Firstar Bank-Richfield be, and hereby is designated a depository of the funds of the
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 not 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 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. Checks on this account shall be signed by the
following officers or their facsimile signatures:
THOMAS E. HARMS, CHAIRMAN
JAMES D. PROSSER, 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 $1,625,000,
deposited for safekeeping at the Firstar Bank - Milwaukee, Wisconsin is hereby
approved.
Passed by the Housing and Redevelopment Authority of Richfield, Minnesota
this 20th day of January, 1998.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary