14-10886r RESOLUTION NO. 10886
RESOLUTION DESIGNATING U.S. BANK
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD
FOR THE YEAR 2014
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 14th day of
January, 2014.
i
Deb le Goettel, Mayor
ATTEST:
Nancy Gibbs, d y Clerk