93-7960R8
RF50LiTfION N0. 7960
RE90l~TPI~i DESIG'~Il~lTII~1G Tim RIC~'IE[D BAI~IIt AMID TItUSP OOL~ANY
A DEP06ITOfftY OF FZl~IDS OF Tim QTY OF RIQ~TELD F4~t TLS: YF~t
1993 AMID APPRORT.QX~ OOLLATF.~tAL
BR IT RE90LVID by the City Coiu~cil of the City of Richfield as follows:
That, in aooorrlanoe with Mir>nesota Statues, Section 475.66 aryl 118.005,
the Richfield Hank and Trust Canpany be, ar~d hereby is designated a depository
of the furyds of the City of Richfield, subject to modification and revocation
at any time by said City, aryl subject to the follow3.ng terms and oonditiorLS:
The said depository shall not be required to give bonds or other
securities for such deposits provided that the total span thereof shall not at
any time exoeed in arty depository the sums far which its deposits are insured
under the Acts of Congress of the United States relating to insuraryae 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 e~ooess aooarding to law, approved by the City
Council of said City.
That said depository shall pay on de~nar~d all deposits therein; and shall
pay all time deposits, at ar' after the end of the period for which the same
shall be deposited, on demand.
BE IT FUR'1~lIIt RE50LVID, that there shall be maintained a ger~er~l aooo~nzt
in which shall be deposited all monies from golf course operations and riot
otherwise specifically provided far. Chec3cs on this aooount shall be signed
by the following officers or their facsimile signatures:
JAMES D. PFt06SII2, CITY Ng1lVAGER
STEVEN L. DEVICH, ZRFAS<)RF~2
BE IT FURi'F~t RE50LVED, that there shall be a daily interest savings
acz~~t. All withdrawals from said a~ooormt will be for transfers to the
genexal checking aooourit.
BE IT FURTF~t RE90LVID, that collateral in the am~mt Sl, 000, 000, is
deposited for safekeeping at the Federal Reserve Hank of Minneapolis, is
hersbY approved.
Passed by the City Council of the City of Richfield this 4th day
January, 1993.
Martin J. Mayor
ATTEST:
~.r9~yYLC~,p ~~
Z~omas P. Ferber City Clerk