92-7833Rtip
RESOLVI'I~1 NO. 7833
RF~OLVI'I~i DESIQ~Il°1TING THE RI(3~'IELD BANK AMID Tfd1SP OQr~ANY
A DE~QSITORY OF F[II~IDS OF T!~ CITY OF RIQ~FIELD FdR THE YF~2
1992 AMID A~F'PRO~lII1C COLLAT~IL
BE IT RE5OLVID by the City Coau~cil of the City of Richfield as follows:
fit, ~ accordance with Minr~.sota Statues, Section 475.66 ar~d 118.005, the
Richfield Bank and Trust Company be, arxi here-bY is designated a depository of the
funds of the City of Richfield, subject to modification aril revocztion at arty time
by said City, and subject to thefollowing terms and oonditior~s:
-. The said depository shall not be required to give bands or other securities for
such deposits provided that the total sum thereof shall not at arty time exceed in
any depository the sums for which .its deposits are insured tuyder the Acts of
Cocsgress of the United States relating to insurance 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 Co~u~c-il of said City.
That said depository shall pay on demand all deposits therein: and shall pay
all time deposits, at or after the er~d of the period for which the same .shall be
deposited, on demand.
BE IT FVR'I~ RF50LVED, that theme shall be maintained a general. aaaoruzt in
which shall be deposited all movies fran golf course operations and not otherwise
specifically provided for. Checks on this acooimt shall be signed by the following
officers or their facsimile signatures:
JAN~S D. PR06SF~t, CITY ~
STEVF~T L. DEVICH, TRFASURII~
BE IT FVRTFiEIt RESOLVFID, that there shall be a daily interest savings aocotimt.
All withdrawals from said account will be for transfers to the geryer~al rhec.kiryg
acootimt.
BE IT FiJRii~R RFSOLVID, that collateral in the amount $1,000,000, is d~ited
for safekeeping at the Federal Reserve Bank of Minneapolis, is hereby approved.
.passed by the. City Ca~ux-,il of the City of Richfield this 13th day of January,
1992.
~~
Martin J. Mayor
ATTEST•
~~ 1~'Yt~ ~ Y {~
/ ~/
Thanas P. Ferber City Clerk