1957-1276r
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RESOLtPPION NO. 12?6
RESOL~JTION DffiIGNATING THE NORTHWESTB~'.N NATIONAL BANK OF BLOD~IINGTON-
RICHFIELD A DEPOSITORY OF FUNDS OF THE VILLAGE OP RICHFIELD FOR TNB
YEAR 195? AND AFFROVING COLLATERAL
BS IT F.:. OLVFA. by the Viiiage Council of the Village of Richfield as fol-
lows;
That, ii: accordance with law, the Northwestern National Bank of Bloomington-
Richfieid be; and hereby is designated a depository of the funds of the Village
of Richfield, subject to modification and revocation at any time by said Viiiage
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 furhish bonds or
other security for such excess according to law, approved by the Village
Council of said Viiiage.
That said depository shall pay on demand all deposits therein; and shall
paq all time deposits: at or after the end of the periods for which the same
shall be deposited, on demand.
BE IT FURTHER RESOLVED that all monies to be used for the construction of
improvement projects which are financed wholly or partly by the issuance of
bonds shall be deposited in the Northwestern National Bank of Bloomington-
Richfield. Checks on this fund shall be signed by the following officers:
Fred O. Rittell,. Mayor alternate - John D. Shields, Acting Mayor
O. R. Van Rrev~len, Manager alternate - Leo E. Jolly, Acting Aianager
Paul H. Haugen, Treasurer alternate - Donald McCarty, Acting Treasurer
B8 IT FURTHER RTi.SOLVED, that collateral in the amount of $228;004.00 de-
posited for safekeeping at the Federal Reserve Bank of I4linnea~p olis, as set
forth in detail in Assignment of Securities which document bears clerk's file
#4426 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 14th day of
January, 195?. ~'
ATTEST:
Paul H. au en, Vi age Clerk
Pred O. I~itteil, A yor
0. R V Krev en, Manager