85-6983R25
RESOLUTION N0. 6983
RESOLUTION DESIGNATING MINNESOTA FEDERAL SAVINGS & IRAN ASSOCIATION
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE
YEAR 1985 AND APPROVING COLLATERAL
BE IT RESOLVED by the City Council of the City of Richfield as follows:
That, in accordance with law, Minnesota Federal Savings & Loan Association
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 ail time deposits, at or after the end of the period for which the same
shall be deposited, on demand.
BE IT FURTHER RESOVLID, that there shall be maintained a daily interest
general account in which shall be deposited all monies from the city licenses.
Checks on this account shall be signed by the following officers or their
facsimile signatures:
JOHN G. CARTWRIGHT, CITY MANAGER
STEVEN L. DEVICH, TREASURER
Passed by the City Council of the
January, 1985•
BE IT FURTHER RESOLVED, that collateral in the amount of $101,395.00,
deposited for safekeeping at the First National Bank of St. Paul, is hereby
approved.