01-11 Resolution No. 11928
RESOLUTIONNO.
RESOLUTIONDESIGNATINGU.S.BANK
ADEPOSITORY OF FUNDSFORTHE CITY OF
RICHFIELD FOR THE YEAR 2022
BEITRESOLVED, bythe CityCouncilof theCityofRichfield(the City)asfollows:
That, in accordance with Minnesota Statutes,Section 118A.01- 118A.06,U.S. Bank
be,and hereby is designated a depository ofthe funds of the City, subject tomodification
and revocation at any time by said city, and subjectto the following termsand conditions:
The said depository shall notbe required to give bondsor other securities for such
deposits provided thatthe total sum thereof shall not at any time exceed in any depository
the sumsfor which itsdeposits are insured under the Acts of Congress ofthe United
States relating to insurance of bank deposits; but that in case such deposits in any such
depository shall atany time exceed such insured sum, said depository shall immediately
furnish bonds or othersecurity for suchexcess according to law, approved by the City
Councilof saidcity.
That saiddepository shall payon demand all deposits therein; and shall pay all time
deposits, at or after the end of the period for which the same shallbe deposited, on
demand.
BE IT FURTHER RESOLVED, thatthere shallbe maintained a general account in
which shallbe deposited allmoniesfrom the water, sewer, storm sewer, liquor, swimming
pool/ice arena,deputy register fees, city permits and other depositsnototherwise
specifically provided for.Thefollowing officers or theirfacsimile signatures shall sign
checks on this account;
KATIE RODRIGUEZ,CITY MANAGER
MELISSA POEHLMAN, ACTING CITY TREASURER
BE IT FURTHER RESOLVED,thatallfundsremaining in the account at the end of
eachbusiness day willbe transferredfrom U.S. Bank to the 4M Fund where funds
depositedareinvestedandinsured.
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Passed by the City Council of the Cityof Richfield, Minnesota this11day of
January, 2022.
MariaReganGonzalez,Mayor
ATTEST:
KariSinning,CityClerk