79-6027R- ~ ~
RESOLUTION N0. 6027
RESOLUTION DESIGNATING THE SUMMIT .STATE BANK A.DEPOSITORY: OF
FUNDS OF `THE CITY OF RICHFIELD FOR THE YEAR 1979 AND APPROVING
:COLLATERAL
BE IT RESOLVED by the City Councilof 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 re-
vocation 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 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 alI
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 and swimming pool/ice arena operations.
Checks on this account shall be signed by the following officers or their facsimile
signatures:
LOREN L. LAW, Mayor
WAYNE S. BURGGRAAFF, Manager
THOMAS J. MORAN, Treasurer
BE IT FURTHER RESOLVED, that there shall be.maintained a city payroll account...
There shall be issued a single check bi-weekly for an amount equal to the bi-weekly
aity payroll, payable to the Director of Finance for deposits in such payroll account.
Thereafter, the Director of Finance is authorized to issue payroll checks on said
accounts bearing only his signature as city treasurer for all wages or salaries included
in saidbi-.weekly 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 $1,200,..00.0 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 thi 8th day of January,. 1979.
Oren L. Law ayor
ATTEST:
Thomas J ~~~loran City Clerk