1965-3353r~_ ~~
RESOLUTION N0. 3353
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RESOLUTION DES IG NA TI1~ THE R ICHP IBLU S TATS BANK A DBPOS I 1DRY OP
PUNDS OP THE CITY OP RICHPIELD POR TIC YEAR 1965 AMID APPROVII~
COLLAIBRAL
BE IT RESOLVED by the city council of the City of Richfield as f ollowsz
That, in accordance with law, the Richfield State Bank' be, and hereby is de-
signated a depository of the funds of the City of Richfield, subject to modifica-
tion and revocation at any time by said city, and subject to the following terms
and conditions:
The said depository .shall: not be required to .give bonds or other securities
for such deposits provided that the total sum thereof shall not at any time ex-
ceed in any depositary 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 Base such deposits in any such depository shalt at any time exceed such insured
sum® said depository shalt immediately furnish bonds or other security for such
excess according to law, approved by the city council of said city,
That said depository shalt pay on demand all deposits therein; and shall pry
al,i time deposits, at or after the end of the period for which the same shall be
deposited, on demand.
$E IT FURT~IER RESOLVED, that there shall be two checkir~ accounts maintained.
The first shall be a general fund in which shall be deposited all monies not otherA
wise specifica:ily provided for. Checks on this fund shall be signed by the foliow~
ing officers or their alternates.
Stanrey t~. Olson, Mayor Alternate Kermit Randall
®. R, Van Krevelen, Manager Alternate Leo Jolly
Edward J, Moiine,~'Treasurer Alternate Thomas F. ~laliraff
Second, there shall also be maintained a city payroll account. There shall
be issued a single check semimmonthiy for an amount equal to the semi-monthly city
payroll, pay~.ble to the city director of finance for deposits; in such payroll aca
count,,. Thereaf ter, the director of finance is authorized to issue payroll checks
on said account, bearing only his signature as city treasurer fo~° all wages or
salaries included in said semi®monthly payroll. .
BE IT PURTFIER RESOLVED, that collateral in the amount of $1100,000,00 de®
p®sited for safekeeping at the Marquette National Bank of Minneapolis is hereby
appr oved,
Passed by the council of the City of Richfield this 11th day of January, 1965,
ATZ7EST: ~ ~ ~~
Edward J. M~1iee ,, _ Clerk-Treas.
S-' tan ley w. O~.son, Mayor