01-19 EDA Resolution No. 31
RESOLUTION NO. 31
RESOLUTION DESIGNATING U.S.BANK
A DEPOSITORY OF FUNDS OF THEEDA OFRICHFIELD
FOR THE YEAR2021
BEIT RESOLVED,by the Economic DevelopmentAuthority of Richfieldas
follows:
That, inaccordance with Minnesota Statutes,Section 118A.01- 118A.06, U.S.
Bankbe,and hereby is designated adepository ofthe fundsof the Economic
DevelopmentAuthority of Richfield,subject tomodification and revocation atany time
by saidEconomicDevelopmentAuthority,and subjectto the following termsand
conditions:
The saiddepository shall notbe required togive bondsor other securities for
such deposits provided that the total sum thereof shall notatany time exceed inany
depository the sumsfor whichits depositsare insured under the Acts of Congressof the
United States relating toinsurance of bankdeposits;butthat in case such deposits in
any suchdepository shall atany time exceed such insured sum, saiddepository shall
immediately furnish bonds orother security for such excess according tolaw,approved
by the Economic Development Authority of Richfield.
Thatsaid depository shall pay on demand all deposits therein; and shall pay all
time deposits,atorafter the end of the period for whichthe same shall bedeposited,on
demand.
BEIT FURTHER RESOLVED,thatthere shall bemaintained ageneral account
inwhichshall be deposited all monies. The following officers or their facsimile
signaturesshall signchecks on this account;
MARY B. SUPPLE,PRESIDENT
JOHN STARK, EXECUTIVE DIRECTOR
BE IT FURTHER RESOLVED, that all funds remaining in the account at the end
of each business day will be transferred from U.S. Bank to the 4M Fund where funds
deposited are invested and insured.
Adopted by the Economic Development Authority of Richfield, Minnesota this
19th day of January, 2021.
Mary B. Supple, President
ATTEST:
John Stark, Executive Director