03-9284r
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RESOLUTION NO. 9284
RESOLUTION DESIGNATING M & I MARSHALL & ILLSLEY BANK
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD
FOR THE YEAR 2003 AND APPROVING COLLATERAL
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, M & I
Marshall & IlIsley 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.
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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;
SAMANTHA ORDUNO, CITY MANAGER
STEVEN L. DEVICH, TREASURER
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 ,800,000 is
9~posited for safekeeping at the Kansas Bankers Surety Company, is hereby approved.
Passed by the City Council of the City of Richfield, Minnesota this 2nd day of
January, 2003.
ATTEST:
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