1964-3161r1~8
RESOLUTION NO. 3161
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RESOLUTION DBSIGNA TING THE RICHFIELD STATE BANK A DEPOSITORY OF
FUNDS OF THE VILLAGE OF RICHFIELD FOR THB YEAR 1964 AND APPROV-
ING COLLA7CBRAL
BE IT RBSOLVED by the Village CounciY of the Village of Richfield as f ollowss
That. in accordance with law. the Richfield State Bank be, and hereby is
designated a depository of the funds of the Village of Richfield. subject to
modification and revocatina at any time by sai¢ viliag~e, .subject to .the
following terms and conditions
The said depository shall not be required to give bonds or other secur-
ities for such deposits provided that the total suim thereof sha1~ 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 de-
pos3.ts;-but that in case such deposits in any such depositorq shall at any
time exceed such insured sum, said depository shalx immediately furnish-bonds
or other seeuri tq for such excess according to law, approved by the village
council of said village.
That said depositorq shall pay on~demand all deposits therein; and shall
pay ail time deposits, at or after the end of the period for which the same
shall be deposited, on demand.
BE IT FURRIER RBSOLVED, that there shalt be two checking accounts main-
tained. The First shall be a gene tai fund in which shall be deposited all monies
not otherwise specifically provided for. Checks on this fund shall be signed by
the following officers or their alternates.
Stanley w. Olson, Mayor Alternate E. E. Jacobsen
O. R. Van Krevelen, Manager Alternate Leo Jolip
Edward J. Morino, Treasurer A.iternate Robert W. Schaefer
Second, there shalt also be maintained a village payroll account. There
shall be issued a sing le check semi-monthly for an amount 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 account, bearing only his signature as village
treasurer for ail wages or salaries included in said semi-monthly payroll.
BB IT FUROR RBSOLVED, that collateral in the amount of $1,119,000.00
deposited for safekeeping at tide Marquette National Bank of Minneapolis is
hereby approved.
Passed bq the council of the Village of Richf ieid this 13th day of Janu-
arq, 1964.
~^- ° ~~ Mayor
ATTEST:~~ Manager
L•~2C ~~2
Ci k-Treasurer