1956-1018ArRESOLUTION NO. 1018A
RESOLUTION DESIGNATING THE NORTHi~VESTERN NATIONAL BANR OF BLOOAIINGTON-
RICHFIELD A DEPOSITORY OF PUNDS OF TI-iE VILLAGE OF RICHFIELD FOR THE
YEAR 1956 AND APPROVING COLLATERAL
BE IT RESOLVED by the Village Council of the Village of Richfield as fol-
lows:
That, in'accordance with law, the Northwestern National Bank of Bloomington-
Richf field be; and hereby is designated a depository of the funds o£ the Village
of Richf field, 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 securi-
ties for such deposits provided that the total sum thereof shall not at any
time exceed 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 Village..
That said depository shall pay on demand all deposits therein; and shall
~ pay ali time deposits, at or after the end of the periods for which the same
shall be deposited, on demand.
BE IT PURTHER RESOLVED that all monies to be used for the construction of
improvement projects which are financed wholiy or partly by the issuance of
bonds shall be deposited in the Northwestern National Bank of Bloomington-
Richf ie1dD Checks on this fund shall be signed by the fo~.lowing officers:
Pred O. Kittell, Mayor
O. R. Van Krevelen, Manager
Paul H. I-laugen,. Treasurer
BE IT FURTHER RESOLVED, that collateral in the amount o~ $428,000.00 de-
posited for safe keeping at the Federal Reserve Bank of A9inneapolis, as set
forth in detail in Assignment of Securities whiciz document bears Clerk's file
No.4024 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 this 23rd
day of January, 19561
ATTEST:
e
Paul .Haug ,, Village Clerk