1966-3752r1
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RESOLUTION NO. 3752
RESOLUTION DBS IGl~1 TING THE R ICF~F IBL D BANK & TRUST CO . A DEFOS 11DR`Y
OF FUNDS OF Tfffi CITY OF RICHFIELD FOR THB MBAR 1967 AND APPROVING
COLLATERAL
BE IT RESOLVED by the city council of the City of Richfield as follower
That, in accordance with law, the Richfield Bank & Trust Co. be, and
hereby is designated a depository of the funds of the City of Richfield, sub-
,~ect to modification and revocation at any time by said city, and sub,~ect to
the following terms and conditional
s~q~
The said depository shall not be required to give bonds or other securities
for such deposits provided that the total sum thereof shall nat at any time ex-
ceed in any depository the sum far which its deposits are insured under the Acts
of Congress of the United States rela Ling 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 shall immediately furnish bonds .or other security
for such excess according to law, approved by the city council of-said city.
That said depository shall pay on demand all 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.
HB IT FUR'kffiR RESOLVED, that. there shall be maintained a general account
in which shall be deposited ail monies not otherwise specifically provided
for. Checks on this fund shall be signed try the following officers or their
alternates:
5 taniey W. Olson, Mayor Al to rna to
O. R. Van Krevelen, Manager Aiterna to Leo Joiiy
Bdward J. Moline, Treasurer Alterna*-~~-~-lcchard C. Theis
BE IT FURTHER RESOLVED, that collateral in the amount of $300,000 de-
posited for safekeeping at the Marquette National Bank of Minneapolis is here-
by approved.
Passed by the council of the City of Richfield this 12th day of December,
19b6.
- w<~
taniey W. Olson, Mayor
Attests i~~'c~~-2~
Edward J. Mo1~ie,rCierk-Treas.