87-7262R36
RESOLUTION N0. 7262
RESOLUTION DESIGNATING THE FIRST WESTERN BANK-RICHFIELD
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR
1987 AND APPROVING COLLATERAL
BE IT RESOLVED by the City Council of the. City of Richfield as follows:
That, in accordance with Minnesota Statues, Section 475.66 and 118.005, the First
Western Bank-Richfield 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 not 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 liquor, swimming pool/ice arena operations and city
permits. 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 RESOLVED, that there shall be maintained a city payroll account. There
shall be issued a single check biweekly for an amount equal to the biweekly city
payroll, payable to the Treasurer for deposits in such payroll account. Thereafter, the
Treasurer is authorized to issue payroll checks on said accounts for all wages or
salaries included in said biweekly payroll.
BE IT FURTHER RESOLVED, that there shall be a daily interest bearing checking
account. All interest earned shall be transferred to the Investment Trust Fund.
BE IT FURTHER RESOLVED, that
for safekeeping at the Marquette
Bank is hereby approved.
collateral in the amount $2,961,998, is deposited for
National Bank of Minneapolis and the Federal Reserve
Passed by the City Council of the City of R
ATTEST:
~~~~ ~~
Thomas P. Ferber City Clerk
7.