92-7834R89
RF50LU!'ION NO. 7834
RESOLITPION DFSI(~4fTIlJG THE FIRSt~1R Bi~1N[C-RIClIF'IELD
A DEPOSITORY OF F<~S OF TF~ CITY OF RIQ~III~D FOR TF~ YFAR
1992 AMID APF~O~V.IIQG OOLLATEEtAL
BE IT RESOLVID by the City Council of the City of Richfield as follows:
That, in accordarr~e with Minnesota Statues, Section 475.66 and 118.005, the Firstar
Bank-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 City, and subject
to the following terms arx3 corx3itions:
The said depository shall not be required to give bands or other securities for such
• deposits provided that the total sum thereof shall rbt at any time exceed in any
depository the sums for which its deposits are i.n.~ttY~ed tinder the Acts of Congress of the
United States relating to insuraryae of bank deposits; but not in ca.9e such deposits in
any such depository shall at any time exceed such insured stun, said depository shall
immediately furnish bonds or other security for such excess aocordi.ng to law, apprr~ved
by the City Coturil of said Gity.
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
demat-~d.
BE IT FURI~~t RESOLVID, that there shall be maintained a ger~xal account in which
shall be deposited all moazies from liquor, swimming pool/ice arena .operations and city
permits. Chec3ss on this aaco~uit shall be signed by the following offio,xs or their
facsimile signatures:
JAMES D. PR06.SER, CITY N
STEVEN L. DEVICH, TREA.SUREFt
BE IT FURTHER RESOLVID, that there shall be maintained a city payroll aoootmt. There
shall be issued a single check biweekly for an amo~uzt aqua]. to the biweekly city
payroll, payable to the Treasurer for deposits in such payroll aooo~uit. Thereafter, the
Treasurer is authorized to issue payroll checks on said aoootuits for all wages or
salaries included in said biweekly payroll.
BE IT FVRZi~t.RESOLVED, that there shall be a daily interest bearing checking
aoootuzt. All interest earned shall be transferred to the Investment Trust Fund.
BE IT FURTF~2 RESOLVID, that collateral in the amount $1,000,000, is deposited for
for safekeeping at the Marquette Bank is hereby approved.
Passed by the City Council of the City of Richfield this 13th pf J 1992.
~,
Martin J. Mayor
AT'T'EST: ' j; •
Thattias P. Ferber City Clerk