1961-2388r~~
RESOLUTION NOm 2388
UI
~~
1
RESOLUTION DESIGNATING THE RICHFIELD STATE BANK A DEPOSITORY
OF FUNDS OP THB VILIAGE 0P RICHFIELD POR THE Y~PAR 1961 AND
APPROVING COLLATERAL
BE IT RESOLVED by the Village Council of the Village of Richfield as followse
That, in accordance with law, the Richfield State Bank be•~` and hereby is desig®
Hated a depository of the funds of the Village of Richfields ~tiibject to modification
and revocation at any time by said Village, and subject to tkie following terms and
conditionsz
The said depositorq shall not be required to give bonds or other securities
for such deposits provided that the total surrr 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 deposits; but that in
case such deposits in any such depository shall at ~.ny time exceed such insured sum,
said depository shall immediately furnish bonds or other security for such excess ac~
cording to law, approved by the Village Council of said Village,
That said depository shall pay on demand all deposits thereina and shall pay
all time deposits, at or of ter the end of the period for which the same shall be
deposited, on demand,
BE IT PUR7HER RESOLVED, that there shall be two checking accounts maintained,
The first shall be a general fund in which shalt be deposited all monies not otherm
wise specifically provided fore Checks on this fund shall be signed by the following
officers or their alternates0
Irving Ro Keldsen9 Mayor alternate .Edward S. Schultz
O, R, Van Rrevelen, Manager alternate Leo Jm Jo11y
Edward J, Moline, Treasurer alternate Roy E0 Swenson
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 semimonthly village
payroll, payable to the Village Director of Finance for deposits in such payroll acm
count® Thereafter, the Director of Finance is authorized to iss~xe payroll checks on
said account, bearing only his signature as Village Treasurer for all wages or sal'=
cries included in said semimonthly payroli®
BE I T PUR7HER RESOLVED, that collateral in the amount of $685,OOOm00 deposited
foss safekeeping at the Marquette National Bank of Minr:eapolis is hereby approved,
Passed by the council of the Village of Richfield this 9th day of January,
1961®
AT-TE~ST~a
Edward Ja Mol° e, Village Clerk