1962-2655r1~®
RESOLUTION N0. 2655
RESOLUTION DBS IGNA TI1~ THE RICHFIELD S TATS BANK A DBFOSI~RY
OF PUNDS OF THB VILLAGE OF RICHFIELD FOR THE YEAR 1962. AND
APPROVING COLI~ITERAL
DE IT RFSOLVBD by the Village Council of the Village of Richfield as follows
That, in accordance with law, the Richfield State Bank be, and hereby is desig-
ns.ted ~ depository of the fu~d~ of the Village of Richf field, subject to modification
aa~d s~evocation at any tip by said Village, and subject to the following terms and
cs~n~i.tions s
The saiei depository shall not be required to give bonds: or other securities
~cr such deposits provided that the total sum thereof sha11 not at any time exceed
f*~ an~9 depository the sum for which its deposits are insured under the .Acts of
r~c~igress of the United States relating to insurance of bank deposits; but that in
~as~ such deposits in any such depository shall at any tune exceed such insured sum,
~:atid depository shall immediately furnish bonds or other security for such excess ac-
~t~~cli.t~~ to law, approved by the village council. of said village.
That said depository shall pay on demand ail deposits therein; and shall pay
:~.g -~~. deposits, at or after the end of the period for which the same shall be
deposited, on demand.
BE IT FUR~TBR RESOLVBD, that there shall be two checking accounts maintained.
fihe First shall be a general fund in which shall be deposited all monies not other-
wis~ specifically provided for. Checks on this fund .shall be signed by the following
~s*tx~ers or their alternates.
Stanley W. Olson, Mayor Alternate
O. R. Van ICrevelen, Manager Alternate Leo J. Doily
Edward J. Mols.ne, Treasurer Alternate Robert W. Schaefer
5ecorid, there shall also sae maintained a village payroll account. There shall
ht= Yssued a single check semi®monthly for an amount equal to the semi-monthly village
p~~x~11, payable to the Village Director of Finance for deposits in such payroll ac-
you:~t.. Thereafter, the Director of Finance is authorized to issue payroll checks on
ca.sd account, bearing only his signature as Village Treasurer for ail wages or sai-
~rie~ included in said semi-monthly payroll.
BB IT FURTiER RESOLVBD, that oDilateral in the amount of $700,000.00 deposited
f.-•~ ss.fekeeping at the Marquette National Bank of Minne apoli,s is hereby approved.
r~.s~d by the council of the Village of Richfield this 8th day of January, 1962,
w ~ Mayor
o-.--~.
. -~
~~,~; ,
~~~jy~~ /~ . Manager
~~ ~ ~ Clerk Treasurer
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