81-6359R3
RESOLUTION N0. 6359
RESOLUTION DESIGNATING THE SUMMIT STATE i3rl~.~ :i LEPOSITORY OF
_- FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR 1981 AND APPROVING
COLLATERAL
BE IT RESOLVED by the City Council of the City of Richfield as follows:
That, in accordance with law, the Summit State Bank 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 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 despository 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 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 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
JOYCE L. WILDE, TREASURER
BE IT FURTHER RESOLVED, that there shall be maintained 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, the Treasurer is authorized to issue payroll checks on said accounts bearing
only her signature as city treasurer 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, that collateral in the amount of $1,470,000 deposited
for safekeeping at the Marquette National Bank of Minneapolis and the Federal Reserve
Bank, is hereby approved.
Passed by the City Council of the City of Richfield this 5th day of J uary, 1981.
' T
na J. Priebe Mayor
ATTEST:
S is K. Bergh C' y.Clerk