94-8092r49
RE50LUTIQri N0. 8092
RE90I~lPIQd DESI(~ITING Tim FIRSTAR B~IIC-RI~'I~ D
A DEP06I770LtY OF F<I~IDS OF THE QTY OF glr~rFrn F(~ TBE YFAR
1994 AtID APPROVING COLLA7.~tAL
HE IT RE.'90LVID by the City Council of the City of Richfield as follows:
That, in aooordarx~e with M:iru~esota Statues, Section 475.66 arx3 118.005, the Firstar
Bank-Richfield be, ar~d hereby is designated a depository of the furyds of the City of
Richfield, subject to modification arr3 revocation at arty time by said City.. and subject
to the follawiryg teens aryd aoryditia~s:
The said d~ository shall riot be required to give bonds or other securities for such
deposits provided that the total stmt thereof shall not at arty time ex~oeed in arty
depositary the sums for which its deposits are insured under the Acts of Congress of the
United States relatiryg to insurame of bank deposits; but not in case such deposits in
arty such depository shall at any time emceed such insured start, said deposito~.y shall
iim~ediately furnish bonds or other security for such e~eess aaoordiryg to law, approved
by the City Cau~cil of said City.
That said depository shall pay do demarx3 all deposits therein; ar~d shall pay all time
deposits, at or after the erxi of the period for which the same shall be deposited, on
dertiand.
BE IT FUR'li~R RE50LVID, that there shall be maintained a genera]. aoeotmt i.n which
shall be deposited all monies from liquor, golf, swi.mttixyg pool/ice arena operations arx3
city permits. Checks on this account shall be signed by the following officers or their
facsimile signatures:
JAMES D. P%15.SII~, CITY N~l~
STEVEN L. DEVICti, TREASURFIZ
BE IT Fi~li~R RF~OLVID, that there shall be maintained a city payroll aoootmt. There
shall be issued a single check biweekly for an atnotuit equal to the biweekly city
payroll, payable to the Treasurer for deposits in stxh payroll aeootuzt. Thereafter, the
Treasurer is authorized to issue payroll checks on said aoeounts for all wages or
salaries included in said biweekly payroll.
BE IT FiIR'i'F~12 RFSOLVm, that there shall be a daily interest bearing d~erXing
aoeount. .All interest earned shall be transferred to the IrYVesfinent Trust Fund.
BE IT FUR'i'F~t RF50LVFU, that collateral in the amount $1,000,000, is deposited for
for safekeeping at the Firstar Bank -Milwaukee, Wisconsin is hereby appr~red.
Passed by the, City Cotu~il of the City of Richfield this 3rd of.J 1994.
Martin Mayor
ATTEST:
~~~;
Thanas P. Ferber City Clerk