90-7594R54
RESOLUTION N0. 7594
RESOLUTION DESIGNATING THE FIRST WESTERN BAI~II{-RICEiF'IELD
A DEP06ITORY OF Fi)I~ID6 OF THE CITY OF RIC[~'IELD FOR THE YEAR
1990 AMID APPRf.7~7ING COLLATERAL
BE IT RESOLUID by the City Council of the City of Richfield as follows:
That, in aooordanCe with Minnesota Statues, Section 475.66 arrl 118.005, the First
Western Bank-Richfield be, arx3 hereby is designated a depository of the funds of the
City of Richfield, subject to modification ar~d revocation at any time by said City, and
subject to the following terms and o~ditions:
The said depository shall not be required to give bonds or other 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 insurar~oe of bank deposits; but not in Case such deposits in
any such depository shall at arty time exceed such insured sum, said depository shall
iim~ediately furnish bonds or other security for such excess acoordi.ng to law, approved
by the City Council of said City.
That said depository shall pay on demarxi all deposits therein; and shall pay all time
deposits, at or after the end of the period four which the same shall be deposited, on
demand.
BE IT FUR'I~2 RESOLVED, that these shall be maintained a general aaaount in which
shall be deposited all monies from liquor, swiimting pool/ioe arena operations and city
permits. Checks on this aooamt shall be signed by the following officers or their
facsimile signatures:
JAMES D. PROSSER, CITY MANAGER
STEVII~T L. DEVICH, TREASURER
BE IT FUR'I~ RESOLVED, that there shall be maintained a city payroll account. Theme
shall be issued a single clerk biweekly for an amount equal to the biweekly city
payroll, payable to the Treasurer four deposits in such payroll aooo~~t. Thereafter, the
Treasurer is authorized to issue payroll checks on said aooo~uzts for all wages or
salaries included in said biweekly payroll.
BE IT FUR'I~ RESOLVID, that there shall be a daily intex~st bearing checkirig
account. All interest earned shall be transferred to the Investment Trust Fund.
BE IT FURTiIER RESOLVED, that collateral in the amount $1,542,183, is deposited for
for safekeeping at the Mar~gt.~ette National Bank of Minneapolis and the Federal Reserve
Bank is hereby approved.
Passed by the City Ca.u~cil of the City of Richfield this day o 1990.
Mayor
ATTESTQ:
~~~i'~9'~y1QD ~'` /
Ttra~as P. Ferber City Clerk