01-18-2022 EDA Resolution No. 37
EDA RESOLUTION NO. 37
RESOLUTION DESIGNATING U.S. BANK
A DEPOSITORY OF FUNDS OF THE EDA OF RICHFIELD
FOR THE YEAR 2022
BE IT RESOLVED, by the Economic Development Authority of Richfield as
follows:
That, in accordance with Minnesota Statutes, Section 118A.01- 118A.06, U.S.
Bank be, and hereby is designated a depository of the funds of the Economic
Development Authority of Richfield, subject to modification and revocation at any time
by said Economic Development Authority, 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 Economic Development Authority of Richfield.
That said depository shall pay on demand all deposits 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. The following officers or their facsimile
signatures shall sign checks on this account;
MARY B. SUPPLE, PRESIDENT
MELISSA POEHLMAN, INTERIM EXECUTIVE DIRECTOR
BE IT FURTHER RESOLVED, that all funds remaining in the account at the end
of each business day will be transferred from U.S. Bank to the 4M Fund where funds
deposited are invested and insured.
Adopted by the Economic Development Authority of Richfield, Minnesota this
18th day of January, 2022.
Mary B. Supple, President
ATTEST:
Melissa Poehlman, Interim Executive Director