91-7703R64
RESOLVi'I~1 NO. 7703
RESOLUTION DESIQ~lTII~1G THE RIQ~IEI,D HANK AMID TRUST CJQ~'ff'ANY
A DEPOSITORY OF FUNDS OF THE CITX OF RIC[~'IELD FOR TF~ YEAR
1991 AND APPRONIlV~G OOLLATERAL
BE IT RESOLVID by the City Council of the City of Richfield as follows:
That, in aooordaix~e with Mirmesota Statues, Section 475.66 and 118.005, the
Richfield Bank and Trust Company be, and heret7y is designated a depository of the
funds of the City of Richfield, subject to modification and revocation at any time
by said City, arr3 subject to the followirx,~ terms ar~d oorr3itions:
The said depository shall not be required to give bonds or othPx securities for
such deposits provided that the total sum thereof shall not at any time exceed in
any depository the sums for which its deposits are insured under the Acts of
Congress of the United. States relating to insuraix7e 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 excess
according to law, approved by the City Council of said City.
That said depository shall pay on demaix3 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 demarxi.
BE IT Ft7RTHER RESOLVED, that there shall be maintairyed a general account in
which shall be deposited all monies frcm golf course operations and not otherwise
specifically provided fora Checks on this account shall be signed by the following
officers or their facsimile signatures:
JAMES D. PR06SII2, CITY MANAGEE2
STEVII~T L. DEVICFi, T~,EAStJftII2
BE IT FiJRTf~t RESOLVID, that there shall be a daily interest savings account.
All ,withdrawals from said account will be for transfers to the genex~l checkuxJ
aooo0.uit.
BE IT ~ RESOLVID, that collateral in the amount $1,000,000,. is deposited
for safekeeping at the Federal Rene Bank of Minneapolis, is hereby approved.
1991.
Passed by the City Cow~cil of the City of Richfield this 2nd day of January,
. - G~
'/~G~~
Martin J.' Mayor
ATTEST:
/` ~i~~ yv~cw ~U ~~t~~~
Thomas P. Ferber City Clerk