86-7125R1
.RESOLUTION N0. 7125
RESOLUTION DESIGNATING THE RICHFIELD BANK & TRUST CbMPANY
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR
1986 AND APPROVING COLLATERAL
BE IT RESOLVED by the City Council of the City of Richfield as follows:
That, in accordance with law, the: Richfield Bank & 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 ex-
ceed 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 RESOLVID, that there shall be maintained a general account in
which shall be deposited all monies from golf course operations and not
other<~aise specifically provided for. Checks on this account shall be signed by
the following officers or their facsimile signatures:
JOHN G. CARTWRIGHT, CITY MANAGER
STEVEN L. DEVICH, TREASURER
BE IT FURTHER RESOLVED, that there shall be a daily interest savings
account. All withdrawals from said account will be for transfers to the
general checking account.
BE IT FURTHER RESOLVED, that collateral in the amount of $1,020,000.00
deposited for safekeeping at the Federal Reserve Bank of Minneapolis, is hereby
approved.
Passed by the City Council of the City of Richfield this 2nd day of
January, .1986.
ATTEST
`~ ,~
Thomas P. Ferber City Clerk