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1960-2058r~~ RBSOLUTION N0. 2058 RESOLUTION DESIGNATING THE RTCI3PIELD STA~ZE BANK .l~. DBPOSITORY OP PCJNDS OP THE VILLAGE OP RICHFIELD FOR THE YEAR 1960 AND APPROVING COLIATBRAL BE IT RESOLVED by the Village Council of the Village q£~ Richf ieid as followst Thats in accordance with laws the Richf ieid State Bank be, and hereby iS designated a depository of the f undss o f the Village of Richf ie ld, subject to modification and revocation at any dime by said Village, and subject to the following terms and conditionss Tlie said depository shalt not be required to give bonds or other securi- ties for such deposits provided that the total sum thereof shall not be any time exceed in any depository tk~e sump for which its; deposits are insured under The Acts of Congress of the United States relating to insuraance of bank d eposits~ but that in case'such deposits in any such depository shall be any time exceed such insured sums said depository shall' immediately furnish bonds• or other se- curity for such excess according to laws approved by the Village Council of s~ia 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 fox which the sauce shall be deposited, on demand. BE~IT FURTHER RBSbLVEDs that t~iere shall. be tw© checking accounts main. tained, The first shall be a general fund in which shall be deposited a1r monies not otherwise specifically provided for. lBhecks on this fund shalIl be signed by the following officers or their alternates, Irving Re Keidsens ~ Mayor alternate A:. P. ~l~nderson 0, R, Vax~ Krevei~n, Manager alternate Leo J. Jolly Edward J, Mol3.nes Treasurer alternate Roy B. Swenson Seconds there shall also be maintained a viliag~ payroll account. There shall be issued a single check semi-monthly for an amouttt equal to the semi- monthly village payroll, 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 Village Treasurer for all wages or salaries included in said semi-monthly payroll. BB IT PURTHBR ti~3SOLVEDs that collateral in the amount of $679,500..00 deposited for safekeeping at tYie Marquette Nat3.ona1 Bank of Minneapolis is hr.eby approved, Passed by•the council of the Village of Richfield Janaxarys, 1960. ,, f, n [.r ~o ,~,m Irvin dsen, Mayor .ATTEST; ~~~ ~~~ ~ ~'' ~ ,~~?~ Oe R Krev ens Manager Bdw'ard J olines Village Clerk ,