05-936r
110
BE IT R.ESOLVED, by the Housing and Redevelopment Authority of Richfield as
follows:
That, in accordance with Minnesota Statutes, Section 118A.01- 118A.06, M&I
Marshall & IlIsley Bank be, and hereby is designated a depository of the funds of the
Housing and Redevelopment of Richfield, subject to modification and revocation at any
time by said Housing and Redevelopment Authority, 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 Housing
and Redevelopment Authority of Richfield.
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. The following officers or their facsimile signatures
shall sign checks on this account;
THOMAS E. HARMS, CHAIR
STEVEN L. DEVICH, ACTING EXECUTIVE DIRECTOR
BE IT FURTHER RESOLVED, that collateral in the amount of $1,540,000 is
deposited for safekeeping at M&I Marshall & IlIsley Bank, Milwaukee, Wisconsin is hereby
approved.
Adopted by the Housing and Redevelopment Authority of Richfield, Minnesota this
18th day of January, 2005.
ATTEST:
~!l5itJ stlJtuv
Kristal Stokes, Secretary