1966-3753r~~
RESOLUTION NO.. 3753
RESOLUTION DBSIGNATING 5UMMTT STATE BANK A DBPO5I'IDRY OP FUNDS
OF THE CITY OP RICHPIBLD POR THE YBAR 1967 AND APPROVIi~
COLLATERAL
BB IT RBSOLVBD by the city council of the City of Richfield as follows:
That, in accordance with law, the Summit State Bank be, and hereby is
designated a depository of the funds of the City of Richfield, subject to
modification and revocation at any time by said city, and subject to the fol-
lowing terms and conditions:
The said depository shall not be required to give bonds or other securi-
ties for such deposits provided 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 shall immediately furnish bonds or otl-ier
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 of ter the end of the period For which the same
shall be deposited, on demand.
BB IT PURIfIBR ABSOLVED THAT, there shall be maintained a city payroll.ac-
c~sunt. There shall be issued a single check semi-monthly for an an-ourit equal
to the semi-monthly city payroll, payable to the city director of finance for
deposits in such payroll account. Thereaf ter, the director of finance is author-
i~ed to issue payroll checks on said account, bearing only his signature as
city treasurer for all wages or salaries included in said semi-monthly payrolie
BB IT PURR RI~SOLVED, that collateral in the amount of $172,000 deposited
for safekeeping at the Marquette National Bank of Minneapolis is hereby approved.
1946.
Passed by the council of the City of Richfield this 12th day of December,
~ ° ~Q-'-~s-n
Stanley W. Olson, Mayor
Attests _G~r~
~~ _.,._.-.r-
Edward 3, Mo~ ne, Clerk-Treas.