90-7593R53
RESOLUrI~t NO. 7593
RE:SOLUrION DESIQVATING THE RICHFIELD BANK AMID TRUST CC(~'lPANY
A DEPOSITORY OF FUI~ID6 OF THE CITY OF RICHFIELD FOR THE YEAR
1990 AMID APF'RC7~TING COLLATERAL
BE IT RESOLVED by the City Cotiu~cil of the City of Richfield as follows:
That, in aooordar~ce with Misu~esota Statues, Section 475.66 and 118.005, the
Richfield Bank and Trust Company 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 follawiryg terms and oonditioa~s:
The said depository shall mt be required to give boax3s or other securities for
such deposits provided that the total sum thereof shall not at arty time exceed in
any depository the suns for which its deposits are insured under the Acts of
Congi~ss of the United States relating to ~ 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
aooordi_t~ to law, approved by the City Council of said City.
That said depository shall pay on demaixi 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 dgnaix3.
BE IT FUR'I~ RESOLVID, that these shall be maintained a general account in
which shall be deposited all monies fran golf course operations and r~totherwise
specifically provided for. C~Xs on this acootant shall be signed by the following
officers or their facsimile signatures:
JAMES D. PR(JSSER, CITY Np,I~GEf2
STEVII~I L. DEVICH, Z~tE,ASUREf2
BE IT FUR'!~t RESOLVED, that there shall be a daily interest savings account.
All withdrawals from said account will be for transfers to the general checking
acx~,uzt.
BE IT FUR'I~2 RESOLVID, that collateral in the armtn7t $985,000, is deposited
for safekeeping at the Federal Reserve Bank of Minneapolis, is herevy approved.
1990.
Passed by the City Cauril of the City of Richfield this 8th day of January,
ATTEST:
_ i' .~,'
J. Mayor
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27xxnas P. Ferb~s City Clerk