78-5848Rd- RESOLUTION N0. 5848 - 109
RESOLUTION DESIGNATINs THE SUMMIT STATE BANK A DEPOSITORY OF
FUNDS OF THE"'CITY OF RICHFIELD"FOR THE YEAR 1978.:-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 desig-
-noted a depository of he 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 ease such deposits
in any such depo itory,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 he 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 moneys 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 equa? to the bi-weekly
city payroll, payable to the Director of Finance for deposits in such payroll:account.
Thereafter, the Director of .Finance is authorised to issue payroll checks on-said
accounts. bearing-only .his :signature as city treasurer for all wages or salaries included
in said bi-weekly payroll.
BE IT FURTHER RESOLVED, that there shall be a daily. interest savings account.
All withdrawls from said account will be for transfers. to the. general checking account,
BE IT FURTHER RESOLVED, that collateral in the amount of $1, 200,000.,4eposited
for safekeeping at the N,arquette National `Bank of Minneapolis and the Federal Reserve-
Bank, is hereby approved.
Passed by the City Council of the City. of Richfield this 9 day of January, 1978.
i
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~' _..~~
" L .en L. Law Mayor
ATTEST•
Thomas J. MorG,a'~ City Clerk