99-8664r
24
RESOLUTION NO. 8664
RESOLUTION De.SIGNAlING THE RICHFIELD BANK AND TRUST COMPANY
A OI;POS,ITQRY QFFVNDS OF THE CITY OF RICHFIELD
FOR THE YEAR 1999 AND APPROVING COLLATERAL
BE IT RESOLVED, by the City Council of the City of Richfield as follows:
That, in accordance with Minnesota Statutes, Section 475.66 and 118.005, the
Richfield Bank and Trust Company 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 th~t the totalsum 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, and storm sewer
operations and not otherwise specifically provided for. The following officers or their
facsimile signatures shall sign checks on thi~ account;
JAMES D. PROSSER, CITY MANAGER
STEVEN L. DEVICH, TREASURER
BE IT FURTHER RESOLVED, that there shall be a daily interest savings
account. AI! withdrawals from said ~.ccount will be for tr~nsfers to the general checking
account.
BE IT FURTHER RESOLVED, that collateral in the amount of $1 ,000,000, is
deposited for sl\ifekeeping. at the Federal Reserve Bank of Minneapolis, is hereby
approved.
Passed by the City Council of the City of Richfield, Minnesota this 4th day of
January, 1999.
ATTEST:
I~ PO~
Thomas P. Ferber, City Clerk