99-8668r
28
RESOLUTION NO. 8668
RESOLUT!ON DESIGNATING THE FIRSTAR BANK-RICHFIELD
A DEPOSITORY OF FUNDS OF THE CITY 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
Firstar Bank-Richfield be, and hereby is designated a depository of the funds of the City
of Richfield, subject to modification anq 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 not 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 liquor, golf, swimming pool/ice arena
operations and City permits. The following Officers or their facsimile signatures shall
sign checks on this account:
JAMES D. PROSSER, CITY MANAGER
STEVEN L. DEVICH, TREASURER
BE IT FURTHER RESOLVED, that there shall be maintained a city payroll
account. There shall be issued a single check biweekly for an amount equal to the
biweekly city payroll, payable to the Tre.asurer for deposits in such payroll account.
Thereafter, the Treasurer is authorized to issue payroll checks on said accounts for all
wages or salaries included in sai(j biweekly payroll.
BE IT FURTHER RESOLVED, that there shall be a daily interest bearing
checking account. All interest earned shall be. transferred to the Investment Trust Fund.
BE IT FlJRTHER RESOLVED, that collateral in the amount of $1,625,000, is
deposited for safekeeping at the Firstar Bank - Milwaukee, Wisconsin is hereby
approved.
Passed by the City Council of the City of Richfield, Minnes...ota..thD' 4th day of
January 1999 /j/l---l..~.. ()) ,
, . / IjlwiMJ ~ I
Martin J. Kirs'ct(, Mayor
ATTEST: ..~
.fkmao P ~
Thomas P. Ferber, City Clerk