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19685-3829r
1 RESOLUTION NO. 3929 RESOLUTION DESIGNATING SUMMIT STATE BANK A DHPOSIIOAY 0~ FUNDS OF THE CITY OF ?4TCHPIELD FOR THB YEAR 1965-AND APPROVII~ COLIATERAL 1 i BE IT RESOLVED by the city c®~anc ii of the City of Richf ie id as f oilows That, in accordance with law, the Summit State Hank be, and hereby ~.~ de~ig~.ted a depositary of the funds of the City of Richf ieid, sub3ect to modification and revocation at any time by said city, and sub3ect to the following terms and cond~,t~.onst The said depository s~~al~, not be required to give bonds or other , securities for such deposits provided that the total sum thereof shall not ~.t any time exceed in a~ay dep®sitory the sum for which 3ts~ deposits are in- sured 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 immediate- iy furnish bonds or other security for such excess according to law, ap- proved by the city council of said city. That said depository shall pay on demand all deposits therein; and shall pay all tune deposits, at or after the- a of the period for which the same shall b~ deposited, on demando EE IT PURTHBR RESOLVED Tf1AT, there shall be maintained a city pay- roii account, There shah be issued a single check semi-monthly for.:an am®unt egrxai t® the semi-monthly ci4~ payieoil, payable. to the citq direc- tor of finance for deposits in such payroll account. Thereafter, the direc- tor of finance is oath®rized to issue payr®11 checks on said account, beax4 ing only his sigrm.ture as city treasurer for all wages or salaries included in said semi~~nthly payroll, BE IT FURTHER RESOLVED, that ca ilateral in the amount of $400;00© de- posited for safekeeping at the Federal Deposit Insurance Corporation is hereby approvedo . Passed by the council of the City of Richf field this $th day of Jan- a~ary, 1968, . s ~4 ~~-, r~p~~ / Stan ey , ~ ~ son; Mayax ~~ A 11G17To ~/ ~ Toa~ Moran, City Clerk ~.~~