87-7261R3.~
RESOLUTION N0. 7261
RESOLUTION DESIGNATING THE RICHFIELD BANK AND TRUST COMPANY
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD. FOR THE YEAR
1987 AND APPROVING COLLATERAL.
9E IT RESOLVED by the City Council of the City of Richfield as follows:
That, in accordance with Minnesota Statues, Section 475.b6 and 118.005, t(~e
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 following terms and conditions:
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 insurance 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
according to law, approved by the City Council of said City.
That said depository shall pay- on=: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 FURTHER RESOLVED, that there shall be maintained a general .account in
which shall be deposited all monies from golf course operations and not otherwise
specifically provided for. Checks on this account shall be signed by the following
officers or their facsimile signatures:
JAMES D, PROSSER, CITY MANAGER
STEVEN L. DEVICH, TREASURER
BE IT FURTHER RES~LVEO, that there shall be a daily interest' savings account.
A11 withdrawals from said account will be for transfers to the general checking
account.
BE IT FURTHER RESOLVED, that collateral in the amount $1,045,000, is deposited
for safekeeping at the Federal Reserve Bank of Minneapolis, is hereby approved.
Passed by the City Council of the city of Richfield this h day of January,
1987. ~ ~ ,~/
vv '~
hn Ha, ' l on Mayor
ATTEST:
~~ ~ ~~
Thomas P. Ferber City Clerk