86-7126R2
RESOLUTION N0. 7126
RESOLUTION DESIGNATING THE FIRST WESTERN BANK-RICHFIELD
A DEPOSITORY OF FUNDS OF THE. CITY OF RICHFIELD FnR 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 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 tofial sum thereof shall not. at any time ex-
ceed in any depository the sum 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. interest 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 priod 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 liquor, swimming pool/ice arena
operations and city permits. Checks on this account shall be signed by the fo1-
lowing officers or their facsimile signatures:
JOHN G. CARTWRIGHT, CITY MANAGER
STEVEN L. DEVICH, TREAS[JRER
BE IT FURTHER RESOLVID, 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 pay-
roll account. Thereafter, the Treasurer is authorized to issue payroll checks
on said accounts bearing only his signature as City Treasurer for all wages or
salaries included in said biweekly payroll.
BE IT FURTHER RESOLVID, that there shall be a daily interest bearing
checking account. All interest earned shall be transferred to the Investment
Trust Fund.
BE IT FURTHER RESOLVID, that collateral in the amount of $1,179,210.93,
deposited for safekeeping at the Marquette National Bank of Minnapolis and the
Federal Reserve Bank is hereby approved.
Passed by the City Council of
January, 1986.
ATTEST:
-/'~ ~F
omas P. Ferber City Clerk