12-10599r RESOLUTION NO. 10599
RESOLUTION DESIGNATING U.S. BANK
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD
FOR THE YEAR 2012
BE IT RESOLVED, by the City Council of the City of Richfield as follows:
That, in accordance with Minnesota Statutes, Section 118A.01- 118A.06,
U.S. Bank be, and hereby is designated a depository of the funds of the City of
Richfield, subject to modification and revocation at any time by said City, 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 City Council of said City.
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 from the water, sewer, storm
sewer, liquor, swimming pool/ice arena, deputy register fees, City permits and
other deposits not otherwise specifically provided for. The following officers or
their facsimile signatures shall sign checks on this account;
STEVEN L. DEVICH, CITY MANAGER
CHRIS REGIS, FINANCE MANAGER
BE IT FURTHER RESOLVED, that all funds remaining in the account at
the end of each business day will be transferred from U.S. Bank to the 4M Fund
where funds deposited are invested and insured.
Passed by the City Council of the City of Richfield, Minnesota this 10th
day of January, 2012.
Pat Elliott, Mayor Pro Tempore
ATTEST:
JAMA
Nancy G• • ., City Clerk