89-7491R5z
RESOLUTI0~1 NO. 7491
RESOLUTIDr1 DESIQ~TING THE FIRST WESTERN HANK-RICHFIELD
A DEPOSITORY OF FOI~ID6 OF THE CITY OF RIC!-IFIELD F~2 THE YEAR
1989 AMID AFrPFi4VING COLLATERAL
BE IT RESOLVED by the City Cau~cil of the City of Richfield as follows:
That, in aoaorc3anoe with Minnesota Statues, Section 475.66 and 118.005, the First
Westenz Hank-Richfield be, and hereby is designated a depository of the funds of the
City of Richfield, subject to modification arxi revocztion at arty time by said City, and
subject to the following terms and axyditions: ,
The said depository shall not be required to give bonds or othex securities for such
deposits provided that the total sum thereof .shall ryot at arty time exceed in any
depository the sums for which its deposits are insured under the Acts of Congress of the
United States relating to insurarne of bank- deposits; but not in cage such deposits in
any such depository shall at any time exceed such insured sum, said depository shall
itmyediately furnish bonds or other security for such excess aooord.ing to law, approved
by the City Cotuycil of said City.
That said depository shall pay aZ demand all deposits therein; and shall pay all time
deposits, at or after the end of the period for which the same shall be deposited, on
demand.
_ BE IT FUR'I~ RESOLVID, that there shall be maintained a aaoo~uit in which
shall be deposited all monies from liquor, swinmi_r~g pool/ice arena operations and city
pernuts. Checks on this account shall be signed by the following officers or their
facsimile signatures:
JAN1E5 D. PRfaSSETt, CITY N~Ai~
STEVF~~1 L. DEVICH, TREASURII~
BE IT FURTfE:332 RE:SOLVED, that there shall be maintained a city payroll aooauit. There
shall be issued a single chec~.k biweekly for an amount equal to the biweekly city
payroll, payable to the Treasurer for deposits in such payroll aoooiuit. Thereafter, the
Treasurer is authorized to issue payroll c~~ecks on said accounts four all wages or
salaries included in said biweekly payroll.
BE IT FUR'I~ RESOLVID, that there shall be a daily interest bearing decking
account. All interest earned shall be transferred to the Investment Trust Fund.
BE IT FUR'1~ RESOLVED, that collateral in the amourrt $3,098,184, is deposited for
for safekeeping at the Marquette National Hank of Minneapolis and the Federal Reserve
Hank is hereby approved.
Passed by the City Cauycil of the City of Richfield thi~13rd d~~/January 1989.
J. ~ Mayor
ATTE$
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Thrnti3s P. Ferber City Clerk