1956-1018r
RESOLUTION N0. 101$
RESOLUTION DESIGNATING THE RICHFIELD-STATE BANK A
DEPOSITORY OP FUNDS OP TILE VILLAGE OP RICHFIELD POR
THE YEAR 1956 AND APPROVING COLLATERAL
BE IT RESOLVED by the Village, Council of the Village of Richfield as follows
That, in accordance with law, the Richfield State Bank be, And hereby is de-
signated a depository of the funds of the Village of Richfield, subject to modi-
fication and revocation at any time by said Village, and subject to the follow-
ing 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 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 depos-
its; 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 Village Council
of said Village.
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 PURTHER RESOLVED, that there shall be two checking accounts main-
tained. The Eirst shall be a general fund in which shall be deposited all
monies not otherwise specifically provided for. Checks on this fund shall be
signed by the following officers;
Pred O. Kittell, Mayor
0. R. Van Krevelen, Village Manager
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-equal to the semi-
monthly village payroll, payable to the Village Director of Finance for de-
posits in such payroll account.. Thereafter, the Director of Finance is author-
ized to issue payroll checks on said account, bearing only his signature as
Village Treasurer for all wages or salaries included in said semi-monthly }payroll.
BE IT FURTHER RESOLED, that collateral in the amount of X406,000.00 de-
posited for safekeeping at the Marquette National Bank of Minneapolis as set
forth in detail in Assignment of Securities which document bears Clerk's file
No. 4023 and is ordered to be filed in the office of the Village Clerk, be
and hereby is approved.
Passed by the Village Council of the Village of Richfield thi;
of January, 1956. ~~ ~ ,,, A~
ATTEST: Fre ittell, Ma
~.
Paul . auge Village Clerk 0 Van K velen,