01-09 Resolution No. 12175RESOLUTION NO. 12175
RESOLUTION DESIGNATING U.S. BANK
A DEPOSITORY OF FUNDS FOR THE CITY OF
RICHFIELD FOR THE YEAR 2024
BE IT RESOLVED, by the City Council of the City of Richfield (the City) as follows:
That, in accordance with Minnesota Statutes, Section 118A .01- 118A.06, U.S. Bank
be, and hereby is designated a depository of the funds of the City, 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 from the water, sewer, storm sewer, liquor, swimming
pool/ice arena, deputy register fees, city permits and other deposits not otherwise
specifically provided for. The following officers or their facsimile signatures shall sign
checks on this account;
KATIE RODRIGUEZ, CITY MANAGER
KUMUD VERMA, CITY TREASURER
BE IT FURTHER RESOLVED, that all funds remaining in the account at the end of
each business day will be transferred from U.S. Bank to the 4M Fund where funds
deposited are invested and insured.
Passed by the City Council of the City of Richfield, Minnesota this 9th day of
January, 2024.
ATTEST:
Mary Supple, Mayor
Dustin Leslie, City Clerk