89-7490R51
R~i0LUTI0N NO. 7490
RESOLUTION DFSIQ~TING THE RICFIF'IELD BANK AMID TRUST COMPANY
A DEPOSITORY OF Ft7tI~IDS OF THE CITY OF RICBFIELD FOR THE YEAR
1989 AND APPR(7VING OOLLATEE2AL
BE IT RESOLVED by the City Council of the City of Richfield as follows:
That, in accordance with Minne.9ota Statues, Section 475.66 and 118.005, the
Richfield Bank and Trust Ca~any be, arxi hereby is designated a depository of the
furx].s of the City of Richfield, subject to modification and revocation at any time
by said City, and subject to the following terms and oocxlitions:
The said depository shall not be required to give bowls or other securities for
such deposits provided that the total sum thereof shall not at any time exceed in
arty depository the suns for which its deposits are insured urx3er the Acts of
Congress of the United States relatirx,~ to insurance of bank deposits; but that in
case such deposits in arty such depository shall at any time exceed such insured sum,
said depository shall immediately furnish bands or othex security for such excess
according to law, approved by the City Cotu~cil 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 FURTIIEEt RESOLVID, that there shall be maintained a general aooauit i.n
which sha.l.l be deposited all monies from golf oour~se operations . and not otherwise
specifically provided for. Checks on this aooamt shall be signed by the following
officers or their facsimile signatures:
JAMES D. PRC~SSER, CITY N~NA~t
STEVII~i L. DEVICH, TRFAS[JRII~
BE IT FUR'i~ RESOLVID, that there shall be a daily interest savings acooiuit.
All withdrawals from said acoo~uzt will be for transfers to the general decking
aaoo~nnt.
BE IT FIJRTf~t RESOLVID, that collateral in the amount $970,000, is deposited
for safekeeping at the Federal Reserve Bank of Minneapolis, is hereby approved.
Passed by the City Caaycil of the City of Richfield
1989.
3rd~ay ~ January,
Mayor'
ATTEST:
~~~~
Thpnas P. Ferber City Clerk