95-8214r76
RESOLUTION NO. 814
RESOLUTION DESIGNATING THE RICHFIELD BANK AND TRUST COMPANY
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR
1995 AND APPROVING COLLATERAL
BE IT RESOLVED by the City Council of the City of Richfield as
follows:
That, in accordance with Minnesota Statues, 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
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
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
$1,667,031, is deposited for safekeeping at the Federal Reserve
Bank of Minneapolis, is hereby approved.
Passed by the City Council of the City of Richfiel this 3rd
day of January, 1995. i
~~G~v~
Martin K rsch Mayor
ATTEST: ~ ~
Thomas P. Ferber City Clerk