99-8665r
25
RESOLUTION NO. 8665
RESOLUTION DESIGNATING THE NORWEST BANK-RICHFIELD
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD
FOR THE YEAR 1999 AND APPROVING COLLA TERAL
BE IT RESOLVE[), by the City Council of the City of Richfield as follows:
That, in accordance wlth Minnesota Statutes, Section 475.66 and 118.005, the
Norwest Bank - Richfield 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 followinQterms 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 s,e,cl!rity for such excess according to law, approved
by the City Council of said City.
That said depository shalf pay on demand all deposits therein; and shall pay all
time deposits, at or aft~r the end of the period f~Jr which the same shall be deposited,
on demand. '
BE IT FURTHER RESOLVED, that there shall be maintained a daily general
account in which shall be deposited all monies for City licenses. The following officers
or their facsimile signatures shall sign checks on this account;
JAMES D. PROSSER, CITY MANAGER
STEVEN L. DEVICH, TREASURER
Passed by the City Council of the City of Richfield, Minnesota this 4th day of
January, 1999. -"7 _-j. 0" ) / " i'1
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Martin J. Kirs' ayor
ATTEST:
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Thomas P. Ferber, City Clerk