94-8091r48
RFSOLVPIQN NiO. 8091
RE90I1TPIaN DFSIQ~1TIIdG Tim RIQ~'III~ B1~1HIC ArID TRI~S't' MANY
A DEP06IT0[tY OF FtI~ID6 OF Tim QTY OF RIC~~'IEi~ F~Et Tim YF~R
1994 A1~ID APPRpVING OOLIATIIi~L
HE IT RF90LVID by the City Camcil of the City of Richfield as follows:
That, iri acooraanoe with Miru~esota Statues, Section 475.66 and 118.005, the
Richfield Bank and T~USt Company be, and hereby is desicg~ated a depository, of the
funds of the City of Richfield, subject to modification and revocation at airy time
by said City, and subject to the follawiryg terms and conditions:
The said depositary shall not ba required to give bonds or other securities for
such deposits provided that the total stun thez~eof shall not at arty time e~oceed in
arty depository the sums far 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 arty time e~eed such insured sum,
said depositary 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 demarx3 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.
B~ IT F~ti~R RE90LVF.'D, that there shall be maintained a general account in
which shall be deposited all monies from the water, sewer, and stoxrn sewer
operations and not otherwise specifically provided far. C~~ec3ts on this accauit
shall be signed by the following officers or their facsimile signatures:
JAMES D. PR06SER, CITY N
STEVEN L. DEVICH, TREASURII2
BE IT FURTf~t RFSOLVID, that there shall be a daily interest savings account.
All withdrawals from said acoamt will be for transfers to the gPx~eral checking
aaao~uit.
BE IT Fi1R'l~gR RE50LVID, that collateral in the am~nzt $2, 059, 562, is deposited
for safekeeping at the Federal Re.9erve Bank of Minneapolis, is hereby approved.
1994.
Passed 1Sy the City Cau~il of the City of Richfield this 3rd day of January,
Martin J. Mayor
ATTEST:
~~~ ~~~~,
Thomas P. Ferber City Clerk