04-909r
83
HRA RESOLUTION NO. 909
RESOLUTION DESIGNATING THE M&I MARSHALL & ILLSLEY BANK
A DEPOSITORY OF FUNDS OF THE HRA OF RICHFIELD
FOR THE YEAR 2004 AND APPROVING COLLATERAL
BE IT RESOLVED, by the Housing and Redevelopment Authority of Richfield as
follows:
That, in accordance with Minnesota Statutes, Section 118A.01- 118A.06, M&I
Marshall & IIlsley Bank be, and hereby is designated a depository of the funds of the
Housing and Redevelopment 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 collateral in the amount of $1,540,000 in the
form of a Bank Deposit Guaranty Bond, deposited for safekeeping at Deutsche Bank in
Tennessee, is hereby approved.
Passed by the City Council of the City of RiChfi;~~innesota this~Oth day of
January, 2004. /./' iii /
{S/.c~a~t&,~?p~.........
Thomas E. Harms, Chair
ATTEST:
1<111 (., he ~5rW~J
Kristal Stokes, Secretary