93-7961R9
RE`aOLUTION NO. 7961
RESOIITPION DESIt~TING THE FIItSTAR Hi~I~C-RIQ~IF~
A DEP06IZ~Y OF FZ~IDFS OF THE CITY OF RIC~TEyD Fit THE YFJ~R
1993 ADID AP~V:QiG QOLIATEEtAL
BE IT RESOLVF~ 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
Hank-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 Gity, and subject
to the following teens and conditions:
The said depository shall not be required to give baayds or other securities for such
deposits provided that the total sum thereof shall not at any time e~~ceed in arty
depository the sums for which its deposits are insured urx~.r the Acts of C7ongress of the
United States relating to insurance of bank deposits; but not in rase such deposits in
arty such depositary shall at any time exceed such insured sum, said deposito~.y shall
immediately furnish bonds or other security for such e~aoess aoe~rding 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 erx3 of the period for which the same shall be deposited, on
deYnand.
BE IT FUR'if~t RESOLVED, that there shall be maintained a general account in which
shall be deposited all monies from liquor, swimniY~g pool/ice arena operations arr3 city
permits. Checks on this account shall be signed by the following officers or their
facsimile signatures:
JAMES D. PROSSER, CITY
STEVEN L. DEVICH, TREASURER
EiE IT FURI.I~t RESOLVED, that there shall be maintained a city payroll aoooturt. 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 aoeo~mts for all wages or
salaries included in said biweekly payroll.
EtE IT FURTHER RESOLVID, that there shall be a daily interest bearing rl~ecltirlg
account. A11 intPxest earned shall be transferred to the Investment Trust Fund.
BE IT FLli~if~t RESOLVID, that collateral in the amonmt $1,000,000, is deposited for
for safekeeping at the Firstar Hank -Milwaukee, Wisconsin is hereby approved.
Passed by the City Cotmcil of the City of Richfield this 4 of J 1993.
}
Martin Mayor
ATTEST
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Thomtias P. Ferber City Clerk