97-8427r
2
RESOLUTION NO. 8427
RESOLUTION DESIGNATING THE RICHFIELD BANK AND TRUST COMPANY
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD
FOR THE YEAR 1997 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 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 Unit~d 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. Checks on this account shall be signed by the
following officers or their facsimile signatures:
JAMES D. PROSSER, 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 ,200,000 is deposited
for safekeeping at the Federal Reserve Bank of Minneapolis, is hereby approved.
Passed by the City Council of the City of Richfield, Minnesota this 2nd day of January,
1997.
m~~/~~j(
Martin J. KirscRJyt'ayor
ATTEST:
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Thomas P. Ferber, City Clerk