83-6703R29
RESOLL~I'ION N0. 6703
RESOLUTION DESIGNATING THE SUMMIT STATE BANK A DEPOSITORY OF
FUVDS OF THE CITY OF RIC.3Fj~IELD FOR THE YEAR 1983 A~tD APPROVING
~ COLLATERAL
BE IT RESOLVED by the City Council of the City of Richfield as follows:
That, in accordance with Iaw, the Summit State Bank be, and hereby is designate<
a depository of the funds of theiCity of Richfield, subject to modification and
revocation at any time 'oy said City and subject to the following terms and conditions:
The said depository shall'Inot be required to give bonds or other securities for
such deposits provided that the Gota1 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 ins',urance of bank deposits; but not in case such
deposits in any such depository sjhaii at any time exceed such insured sum, said
depository shall i.*.~mediately furnlish bands 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 time deposits, at or after th!,e 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 moni'~,es from liquor, swimming pool/ice arena operations
and city licenses. Checks on this account shall be signed by the following officers
or their facsimile signatures: ',
KARL NOLLENBERGER, CITY MANAGER
STEVEN L..DEVICH, ACTING.TREASURER
BE IT FURTHER RESOLVED, that there shall be maintained a city payroll account.
There shall be issued a single chick biweekly for an amount equal to the biweekly
city payroll, payable to the Treasurer for deposits in such payroll account. There-
after, the Treasurer is authorzeli to issue payroll checks on said accounts bearing
only his signature as city treasu=er for all wages or salaries included in said
biweekly payroll.
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, t.
for safekeeping at the Marquette
Reserve Bank is hereby approved.
Passed by the City Council
January, 19$3.
it collateral in the amount of $1,572,900 deposited
tational Bank of Minneapolis and the Federal
of the City of Richfi~d tt~~s 3rd`c~y~of
ATTEST:
C
ohn Har~a'i/1. ton Mayor
Sys a K. Bergh City ¢~erk