96-8323r
96
RESOLUTION NO. 8323
RESOLUTION DESIGNATING THE NORWEST BANK-RICHFIELD
A DEPOSITORY OF FUNDS OF THE CITY RICHFIELD FOR THE YEAR
1996 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 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 daily general
checking account in which shall be deposited all monies for 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 8th day of
January, 1996.
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Martin J. Kirsc
ATTEST: /\
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Thomas P. Ferber, City Clerk '-