1966-3551r~~'~
R]~®LttTION NO. 3ss1
R~OLtPTIOAI T~EBYGI~ATII~ THE RYCIiPIEL4~ BA1~KK & ZRtTB~T CO. A D~BPO~SITO~RY
OF ~NA~ fFF THE CITY OF RYCHFIBI.~ POR THE YEAR 1966 ANA APPR4VYI~
COI.I,ATBRAi.
BE YT RE~LYEYT by the city council of the City of Richfield as foilows>:
`Tbs.t, in accordance with law, the Richfield Bank & Trust Co,..be, and hereby is
designated. a depository of the, fuxxis _of the City of xichfield, sub,~ect to mc+difica-
ti®n and re~rocation at any time by said city, and sub3ect to the foliow~ing terms and
conditi~sns g
The s~3.d depository shall not be required to give imnds: or other securities; for
such deposits' pr®vided that the total sum thereof shalt riot ~t any time exceed in
any dap®sitory the suffi for which its deposits:• are insured under the Acts of Congress.
of the tJseiteel Mates relating to insurance of bank deposits; but that in case such
depo~it~ i~a any such depository shall at any tune exceed. such insured sum, said de-
po~itory shall i~nmec3ately furnish bonds or other security for such excess according
to law, approved by the city council of said cityo
That said depository shall pay on demand all deposits therein; and shall pa~-
x.11 time deposi,t~, at o~ after the end of the period for which the same shah. be de~
pos3.ted, on demand,
BE YT 1Yf~ER RB~OY.~, that there shall be two checking accounts. maintaineda
The first shall be a general fue4d in which shall be deposited all monies not otherwise
specific~elly provided for. Checks on this fund shall. be signed by the following offim
cars or their alternates,
staa~ley gfe Olson, Mayor Alternate
O, R, Van Rrevelen, Manager Alternate Y.eo Jo1Yy
Edward ~. Moline, Treasurer Alternate Thomas P, Udallraff
second, there shall also be maintained a city payroll account, There shali.be
isd a. single check semi~moa~athiy for an amount equal to the semimmontl~iy city pay
roil, payable to ..the city direr~tor of fin~.nce for deposits in such pay~oii account,
_.
~he~eafter, the elirector of fin~:rsce is authorised to issue payreli checks on said acm
cpu~t, ~earing_ o~i,y &~is signa.ture as city treasurer for all wages or salaries included
in ss.id semi. ffionthly payr~~~i,
BE IT R[TRTtIg3R RESObi~l`t, that co ila tarsi in the amouffit of $1,100, 000 deposited
for safekeeping a4 4he Ms.rquette Na$i®nal Bank of Minneapolis is hereby approved®
~ass~ed by the council of the City of Richfield this i0th day of January, 196,
t~ 4 ~~~s-~-~
taniey ~, Olso s 1-~ayor
~eTYE~T: ~ ~ ~~~~
~~~ ~"
36dward ~, Moline, lerkmTreas,