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1955-579r~~~ RESOLUPION N0. 579 RESOLUTION DESIGN~-TIlVG THE RICHFIELD ST~-TE B~iNK ~ DEPOSITARY OE' FUNDS . C~' THE VILLAGE OF RICHFIELD. FGR THE YEAR 1.955: AND 1~PPROVING COLLt~TERL~I, BL IT FtESdLVED by the Village Council of the Village of Richfield as follo~•r~ o That, in accordance with law, 'the Richfield State Bank be, and hereby is: dnsigna~ed depository of the funds of the_Village of Richfield, subject to mocLfie~.tl:on and revocation at any time by said Village, .and subject to the following terms and conditions; ~ ' The said: depository shall not.be ~ required to give bonds or •other secur- it~ s fo's' such deposits provided that the total sum thereof shall not at any ti_-ne exceed in•any such-depository the sum for which its deposits:are•nsured t~i~cr°"the '"~i~cts ~ of ; C~©ng~ess ~ of the .United States relating to insurance ~ of bank aepcsit;,; bat that in case such deposits in any such depository shall at any time exceed such insured sum, said depository shall immediately furnish bonds or ' otY~er security for such excess according to law, approved by the Village :ouncil of said Village, That said depository shall pay on d~aand all deposits tYierein; 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 tw`o checking accounts main- tained,„ The first shall be a general fund in which shall be deposited all moniPc -~^+• otherwise specifically provided for9 Checks on this fund shall be Gi_aned by the following officers: Fred 0. ILittell, i'~ayor Leroy Trafton, Village imager Paul H. Haugen, Treasurer Second, there shaLl~ also be maintained a village payroll account. There shall- be issued a single check semi-monthly for an amount ec~a.a1 to the semi- monthly village payroll, payable to the Viila.ge Director of Finance for deposits. n such payroll account,, Thereafter, the Director of Finance is authorized ~ issue payroll checks on said account, bearing only his signature as Village lrea.surer for all wages or salaries included in said semi monthly payroll, BE IT FURTHER RESOLVED, that collateral in the amount of ~380,OOOe00 deposited for safe keeping at the Marquette National Bank of lYiinneapolis, be ai1C.i '_2::re~. J' is approved, 2sdoptecl by the V~.ll_age Council of the Vi11~.ge of RB.chfie this 10th day of January, 1955 • ~' ~ ~ ~,.~ ~ /~~ ~ ATTEST : F- r'~`"ed`~ tell~Mayor ~~ ~_ Paul H. Haugen, lags erk Leroy ra ton, Man ger