1958-1493r~~I
RBSCZCUrxox No. ;~:.aag
RESOLI3TTQN DE&iGiNATING THS AiCHFIBLD STATE
BANR A DEPOSITORY OP PUNDS OF THE VILLAGB OP
RICHFIELD FOR THB YEAR 1958 AND APPROVI111i
COLLATERAL
SB 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
designated a depository of the funds of the Village of Richfield,. subject to
modification and revocation at any time by said Village,, and subject to the fol-
lowing terms and conditions:
The said depository shall not be required to give bonds ar 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 depos-
its; but that in case such deposits in any such depository ~shali at any time ex-
ceed such insured sum, said depository shA,il 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 of ter the end of the period for which the same
shall be deposited, on demand. .
BB IT FURTHER R&SOLVBD,. that there-shall be two checking accounts main-
tained. The first shall be a general fund in which shah be deposited all
monies not otherwise specifically provided far. Checks an this; fund shah be
signed by the following officersor their alternates:
Irving R. Reldaeen,-Mayor alternate - B. I. Serstock,.Acting Mayor
4. R, Van Rrevelen,. 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 singl@ check semi-monthly for an amount equal to the semi-
monthly village payroll, payable to the Village Director of Pinartce for de-
posits in such payroll account. Thereafter,'the Director of Finance is authorr
iced to issue payroll checks an said account,, bearing only his signature as
Village Treasurer for ail wages or salaries included in se.id semi-monthly payroll:
BB IT FURTHER RESOLVED, that collateral in the amount of $615,000.00 deposited
for safekeeping at the Marquette National Bank of Minneapolis asset forth in
detail in Assignment of Securities which document bears Clerk's Pile No.
and is oxdered to be filed in the office of the Village Clerk be and
hereby is approved. -
PA.ssed by the Council of the Village
January,. ].958.
ATTEST:
iilage Jerk