1963-2934r~y~
RESOLUTIQ~N NO. 29 34
~I
RESOLUTION DESIGNATIII~ THE RICHFIELD STATE BANK A
DEPOSIZORY OP FUNDS OF THE VILLAGE OP RILI-IPIBLD POR
THE YEAR 1963 AND APPROVING COLLATERAL
BE IT RESOLVED by the Village Council of the Village of Richf field as follows:
That, in accordance with law, the Richfield State Bank be, and hereby is desigp
nated 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 following terms and
conditions: ~ -
The said depository shall not be required to give bonds or other securities
for such deposits prodded 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 deposits; but that in
case such deposits in any such depository shall at any-time exceed such insured sum,
said depository sh ail immediately furnish bonds or other security for such excess ac~
cording to law, approved by the village council of said vilia.ge..
That said depository shall pay on demand ail deposits therein; and shall pay
all time deposits, at or after the end of the period for which the-same shall be
deposited, on demand.
BE IT PURR RESOLVED, that there shall be two checking accounts maintained.
The first shall be a general fund in which shall be deposited ail monies not other
wise specifically provided for. Checks on this fund shall be signed by the following
officers or their alternates.
Stanley W. Olson, Mayor Alternate A. P. Anderson
O. R. Van Krevelen, Manager Alternate Leo lolly
Edward J. Moline, Treasurer Alternate Robert 1N. Schaefer
Second, there shall also be maintained a village payroll account. There shall
be issued a sing le check semimonthly for an amount equal to the semimmonthly village
payroll, payable to the Village Director of Finance for deposits in such payroll acv
taunt. Thereafter, the Director of Finance is au thorized to issue payroll checks on
said account, bearing only his signature as Village Treasurer for all wages or ~al~
aries included in said semimmonthiy payroll.
BE TT FURTHER RESOLVED, that collateral in the amount of $1,122,000.00 deposited
for safekeeping at the Marquette NationaS Bank of Minneapolis is hereby approved.
Passed by the council of the Village of Richfield this 14th day of January, 1963.
1
ATTEST: ~ /~
EdC warv~~ ne, Clerk-Treas.
tA.~ ~ ~'°^ Mayor
Manager