78-5849R110
RESOLUTION NO. 5849
- RESOLUTION DESIGNATING THE RICHFIELD BANK & TRUST COMPANY
A DEPOSITORY.. OF-FUNDS OF THE :CITY OF RICHFIELD FOR THE YEAR
1978 AND APPROVING COLLATERAL
BR TT 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 cinder the Acmes 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 ime 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 ox after the end of the period for which the same shall
be deposited, on demand.:,
B~ IT FURTHER RESOLVED, that there shall be maintained"a'general account
in which shall be deposited all .moneys not otherwise specifically provided for.
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 RESOVLED, 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 '-$480,000
. deposited for safekeeping at the Marquette National Bank of Minneapolis, is
hereby approved.
Passed by the City Council of the City of Richfield this gth day of
January, 1978.
.Lor n L. Law yor
ATTEST:
Thomas J. Mo n` City Clerk -