91-7704R65
N0. 7704
RE90LiTPION DESIGI~TIIV~ Tf~ FIRST WF~'TER'N F3AHIC-RI~'TFrn
A DF~'QSITOFrY OF Fi~ID.S OF~ TF~ QTY OF RIQ~'IELD Fit TF~ YEAR
1991 AAID 19-FF~VIIJG aDLLAZ~2AL
BE IT RE50LVID by the City Council of the City of Richfield as follows:
That, in aocnrdarr.~e with Misu~esota Statues, Section 475.66 and 118.005, the First
Western Bank-Richfield be, and herek7y is designated a depositary of the funds of the
City of Richfield, subject to modificalI'on and revocatiorc~ at any time by said City, and
subject to the following terms and aonditior~s:
The said depository shall rx~t be 'required to give borx9s or other securities for such
deposits provided that the total sub thereof shall not at any time exceed in any
depository the sums four which its depoeits are insured under the Acts of Congress of the
United States relating to insurance of bank deposits: but not in case such deposits in
any such depositary shall at any time e~floeed such insured sum, said depository shall
immediately furnish boars or other security for such excess aorording to law, approved
by the City Courxil of said City. ',
That said depository shall pay on 'demand all deposits therein; ar~d shall .pay all time
deposits, at or after the end of the 'iperiod for which the same shall be deposited, on
dsn~and.
BE ZT FURTI~R RFSOLVID, that there', shall be maintained a general aoooinzt in which
shall be deposited all monies from lia~uor, swimmis~g pool/iae arena operations and city
permits. Checks on this acoaant shall be signed by the following officers or their
facsimile signatures:
JAMES D. PR06.SF~2, CITY MANA(~1FFJt
STE'VII~T L. DEVICH, TRF~F~.SLJRII~
_ BE IT FURTf~t RE90LVID, that there rs. hall be maintained a city payroll aaoo~uit. There
shall be issued a single cherr]c biweekly for an amount equal to the biweekly city
payroll, payable to the Treasurer for deposits in such payroll aooo~uzt. Thereafter, the
Treasurer is authorized to issue payroll checks on said accounts for all wages or
salaries irrluded in said biweekly payroll.
BE IT Ft)f~Ii~R RFSOLVID, that tl~
account. All interest earned shall be
shall be a daily interest bearirx,~ checking
~sferr~ed to the Im~estment Trust Fund.
BE IT FUR RESOLVID, that oolle
for safekeeping at the First Wi.seoalsin
in the amo~mt $3,006,558, is deposited for
~a7. Bank is hereby approved.
Passed by the City Cau'x•.il of the C',ty of Richfield this of J 1991.
~~Gt~ r ~ ,
Martin J Mayor
ATTEST:
~~ ~ u
Thanas P. Ferber City Clerk ',