1955-580r~~~
RESOLUTION N0. 580
~ ,,
RESOLUTION DESIGNATING THE NORTHWESTERN NATIONAL BANK C~'
BLO~NQTON-RICHFIELD ~- DEPOSITORY OF FUNIS OF' THE VILLAGE
OF RICHFIELD FOR THE 1955 AND APPROVING COLLATERAL
BE IT RESOLVED, by the Village Council of the Village of Richfield as
follows;
That, in accordance with law, the Northwestern National Bank of Bloomington-
Richfield be, and hereby is designated depository' of the funds of the Village of
Richfield, subject to modification 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 securities
for such deposits provided that the total sun thereof shall not at any time ex-
ceed in any such 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 that in case such deposits in any 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 Village Council of said Uil]age.
That said depository shall pay on demand all deposits therein; and shall
pay all time deposits, at or after the end of the periods for which the same
shat]:. be deposited, on demand.
~,.-. I
~ BE IT FU.I~THER RESOLVED, that a]1 monies relating to sanitary sewers shall
be deposited in the Northwestern National Bank of Bloomington-Richfield. Checks
on this fund shall be signed by the following officers s
Fred Os Kittell, Mayor
Lsroy Trafton, Village Manager
Paul H. Haugen, Treasurer
BE IT FI~tTHER RESOLVED, that collateral in the amount of X300,000.00
deposited for' safe keeping at the Federal Reserve Bank of Minneapolis be .and
hereby is approved..
Passed by the Village Council of the Village of Richfield this .10th
day of January, 1955.
~ re . Kittell, Mayor
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