97-8535r
llU
RESOLUTION NO. 8535
RESOLUTION DESIGNATING THE FIRSTAR BANK-RICHFIELD
A DEPOSITORY OF FUNDS OF THE CITY RICHFIELD FOR THE YEAR
1998 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 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 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. 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 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 Treasurer 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 said 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 FURTHER 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, Minnesota t i
December, 1997.
of
ATTEST:
i~ t?~
Thomas P. Ferber, City Clerk