1959-1763r~~~.
RESSOLUTION NO. ~ 1763
RESOLUTION DB.S'IGNATING THE RICHFIELD STATE BANK A
DEPOSITORY OF FUNDS OP THE VILLAGE OF RICHFIELD FOR
THE YEAR 1959-AND APPROVII~ 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, ~.nd hereby is
designated a depository of the fsinds of the Village of Richfieid~ subject to
modification and revocation at any time by said Villages and subject to the fol-
lowing terms and conditions:
The ~s~id 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 depository the sum for which its deposits are insured under
the Acts of Congress of the United States relating to insurance of bank depos~tsr
but that in case'such deposits in any such depository shall at any time exceed
such insured sum„ saeid depository shall immediately furnish bonds or other se-
curity for~such excess asccording to law, approved by the Village Council of
said Village.
That said depository shall pay on demand all deposits thereinp and shall
pay all time deposits,, at or asfter the end of the period for which the saame
shall be deposited, on demand.
BE TT FURTHER RESOLVED, that there shall be two checking accounts main-
tained. The first shall be a general fund in which shall be deposited ail
monies not otherwise specifically provided for. Checks on this fund shall be
signed by the following officers or their alternates.
Irving R. Keidsen„ Mayor alternate Chas. P. ~Y'aliick
O. R. Van Krevelen, Manager alternate Leo~J..Jolly
Edward J. Moline, Treasurer alternate Donald P. McCarty
Second, there shall also be maintained a village payroll account, There
shall be issued a singly check semi-monthly for ran asmount equal to the semi-
monthly village payrolls payable to the Village Director of Finance for deposits
in such payroll. account. Thereafter;, the Director of Finance is authorized to
issue payroll checks on said accounts bearing only his signature as Villaoge
Treasurer for all wages or salaries included in sao3.d semi-monthly payroll.
BB IT FURTHBR RE50LVEDs that collateral in the amount of $?55,040.00
deposited for safekeeping at the Marquette National Bank of Minneapolis_is
hereby approved.
Passed by the council of the Village of Richf/i~'id this 12th day of
January,, 1959. ~ ~!/ ./~~„
ATTEST: ~/,~U~ ~, Manager
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Village Cle