97-8428r
3
RESOLUTION NO. 8428
RESOLUTION DESIGNATING THE NORWEST BANK-RICHFIELD
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 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 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 daily general account in
which shall be deposited all monies fo City licenses. Checks on this account shall be signed
by the following officers or their facsimile signatures:
JAMES D. PROSSER, CITY MANAGER
STEVEN L. DEVICH, TREASURER
Passed by the City Council of the City of Richfield, Minnesota this 2nd day of January,
1997.
ATTEST:
cJf)UYmabP~
Thomas P. Ferber, City Clerk