1957-1275r-----°T- --- ~ ~ .. _ . _.
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RESOLUTION N0. 1275
RESOLUTION DESIGNATING THE RICHFIELD STATE BANK A
DAPO5ITORY OF PUNDS OF TIME VILLAGE OF RICHP.IBLD FOR
THE YBAR 1957 AND APPROVING COLLATERAL
BB 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 depositary 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 ~aonds 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 ins deposits are insured under
the Acts of Congress of the United States rely ting 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 securitp 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 FURTHER RESOLVED, that there shall be two checking accodnts main-
tained. The first shall be a general fund in which shall by deposited all
monies not otherwise specifically provided for„. Checks on this fund shall be
signed by the following officers or their alternates:
Fred 0. Kittell, Mayor alternate -John D, Shields, Acting Mayor.
0. R, Van Krevelen,, Manager alternate - Leo E. Jolly, Acting Manager
Paul H. Haugen,. Treasurer alternate -Donald McCarty, Acting 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 Pinance 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.
BB IT FURTHER RESOLVBD, that collateral in the amount of X689,000.00 de-
posited for safekeeping at the Marquette National Bank of Minneapo3is as set
forth in detail in Assignment of Securities which document bears Clerk*s file
No, 4~$$.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 t is 14 day of.
January,. 1967. ~ ~
ATTEST: = -~'' ~ ~ ~ - , Mayor .
~~' Clerk ~ Manager
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