83-6704R30
RE50LL~ION V0. 6704
RESOLUTION DESIGNATI:TG THE RICHFIELD BANK & TRUST COMP~vY
A DESPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR
1983 AND APPROVING COLLATERAL
BE IT RESOLVED by the City Council of the City of Richfield as follows:
Tnat, 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 ary time exceed
in ary 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 depos-its 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 RESOLVED, that there shall be maintained a general account
in which shall be deposited all monies from golf course operations and not otherwise
specifically provided for. Checks on this account shall be signed by the following
officers or their facsimile signatures:
KARL NOLLENBERGER, CITY ~.ANAGER
STEVEN L. DEVICH, ACTING 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 5972,500 deposited
for safekeeping at the Federal Reser~~e Bank of Minneapolis, is hereby approved.
Passed by the City Council of the City of Richf ~~d th ~3~Zd day of
January, 1883. / //
~`-•=--
n H i ton Mayor ___.
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ATTEST:
yl~ K. Bergn City erk