84-6854R79
RESOLUTION v0. 6854
RESOLUTION DESIGVATIYG THE StMKIT STATE BANK ~ DEPOSITORY OF
FUVDS OF THE CITY OF RICHrIELD FOR THE YEAR 1984 ~YD APPROVING
COLLATERAL
BE IT RESOLVED by the City Council of the City of Richfield as follows:
That, in accordance with law, the Sutscait State Sank 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 fallowing terms and conditioc~s:
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 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 insured sum, said
depository shad immediately furnish bonds or other security for such excess ac-
cording. to law, approved by the City Council of Said City;
That said depository shall pay on demand all deposits therein; and shall pay
all tiles deposits., at or after the end of the period for which the same shall be
deposited, oa demand.
BE IT FtTRTHER RESOLVED, -twat there shall be maintained a general account in
which shall be deposited aI2 caonies from liquor, swimaing pool/ice arena operations
and city Licenses.- Checks on this account shall be signed by the following officers
or their facsimile signatures:
JOHN G. CARTWRIGHT, CITY MANAGER
RONALD S. RANKIN, TREASURER
BE IT FURT:iE£t RESOLVED, that there shall be aaintained 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. There-
after, t~'ze Treasurer is authorized to issue payroll checks on said accounts bearing
only his signatuze as city treasurer for all wages or salaries included in said
biweekly payroll.
BE IT FURTHER RESOLVED, that there shall be a daily interact savings account..
All withdzawals from said account will be for transfers to the general checking
account.
i~ 6~j~a-~~f
BE IT FURTHER RESOLVED, *_hat collateral in the amount of $3-~;3~3~$-S3. ~epos:ted
for safekeeping at the Marquette Yational Sank of Minneapolis and the Federal
Reserve Bank is hereby approved.
Passed by the City Council of the City of
January, 1984.
ATTEST:
Sy 'a K. Bergh City erk