80-6199R~o
RESOLUTION N0. 6199
RESOLUTION DESIGNATING THE RICHFIELD BANK &-TRUST COMPANY
A-DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR
1980 AND APPROVING COLLATERAL
BE IT RESOLVED by the City Council of the City of Richfield as follows:
That, 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 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 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 not otherwise specifically provided for.
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 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 $505,000
deposited for safekeeping at the Marquette National Bank of Minneapolis, is
hereby approved.
Passed by the City Council of the City of Richfield this 14th day of
January, 1980.
ATTEST:
ylv' K. Bergh Acting C' Clerk