1953-91r~o
RESOLUTION No.__~1_._.
A RESOLUTION DESIGNATING A DEPOSITORY OF FUNDS
OF THE VILLAGE OF RICHFIELD FOR-THE YEAR 1953.
1
BE IT RESOLVED, by the Village Council of the Village of Richfield as follows:
That, in accordance ~rlth law, the Richfield State Bank be, and hereby is
designated depository of the funds of the V311aga of Rich_~'ield above named sub-
~ect to the following terms and conditions:
The said depository shall not '~ required to give bonds or other securities
.-for such deposits provided ghat the total sum thereof shall not at a~ time ex
Geed in arty such depository the sum for which its deposits are insured under
the Acts of Gongress of the United-States-relating to insurance of 'bank deposits;
but that in case such deposits in any suoh depository sha11 at any time exceed
such insured sue, said depository shall immediately furnish bonds or other
security for such excess according to law, approved by the Village Council of
said Village.
That said depository shall pay on demand all deposits therein; and sha11
pay all time deposits, at or after the end of the periods for which the same
shall be deposited, .on demand.
BE IT FURTHER RESOLVED, That there shall '~ two checking accounts maintained.
The first, shall ~ a general fund 3n which shall be depos~.tad all monies not
otherwise specifically prov3~ded for. Cheeks on this fund shall be signed by
the following officers:
Fred C. Reller, Mayor
Leroy Trafton, Village , t;auager
Paul H. Reagan, Treasurer.
Second, there shall also be maintained a Village payroll account. There shall
be issued a single check semi-monthly for an amount equal to the semi monthly
Village payroll payable to the Village Finance Officer for deposit in suoh
psyroLl account. Thereafter, the Finance Officer is authorized to issue pay-
roll checks on said account .bearing only his signaturQ as Village Treasurer
for all wages or salaries included in said semi monthly payroll.
Passed by the Village Council this 12th day of ~'anuary, 1953.
ATTEST:
CLERK
VIL GE MAMA EEC