95-8215r77
RESOLUTION NO. 8215
RESOLUTION DESIGNATING THE FIRSTAR BANK-RICHFIELD
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 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 $1,000,000,
is deposited for for safekeeping at the Firstar Bank - Milwaukee,
Wisconsin is hereby approved.
Passed by the City Council of the City of Richfiel t s 3rd ay
of January 1995. ~- - ''
Martin J. K sch Mayor
ATTEST : '~~i~'~
t
Thomas P. Ferber City Clerk