1969-4103r~r~®
RESOLUTION NOal~1o3
I~FSOLUTION DESIGNATING THE' SUN~'iIT STATE Btlvii A DEPOSITORY OF
Fj~TL,c, OF Tk~' C''TY OF RI CHFIE7JD AND APPROVING COLLATERAL
1
BE I^1 1~SOLVEL by the cit~l o~a,a.~.oil of the City of Richfield as fol.lowso
Thate in accordance with lawe the Summit State Bank bee, and hereby is desig®
nated"a depository of the funds of the City of Richfielde subject to modificam
tion and revocation at any time by said citye and sub3ect to the following
terms and conditionso
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®
Deed 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 iri any such depository shall at any time exceed
such 3.nsured some said depositox~r shall immediately furnish bonds or other se®
cux~.ty for such excess according to lawe approved by the city council of said
cityo-
That said depository shall pay on demand all deposits therein, and shall pay
all time deposits9 at or after the end of the period for which the same shall be
depositede on demands
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BFI IT FURTHER R~OLVFaDe that there shall b® maintained a general account in
which shall. be deposited all moneys from liquor and swimming pool operationam
Checks on this account shall be signed by the following officers or their al®
to rnateso
Stanley 1~o Olsone Mayor Alternate Aa Po Andersone Councilman
Tn~ayne Sa Burggraaff, Manager Alternate Leo J~ Jollye Engineer
Thr+r-das J 0 Morane. Treasurer Alternate Ronald Lundeene Asstm Finance Director
BE IT FURTHER RE~OLVEDe that there shall be maintained a city payroll accounts
There shall be issued a single chec bi®weekly for an amount equal to the bi~
weekly city payrolle payable to ttae Tirector of r'inance for deposits in such
payroll accounts. Thereaftere the Ihrector of Finance is authorized to issue
payroll checks on said accounts bearing only his signature as city treasurer
for all wages or salaries included in said bi weekly payroll.
BE IT FURTHER R~OLVEDe that collateral in the amount of X5®08000®~'~ be de®
s -t~fo~° saw®~3:ng at the Federal Res®rv~® Bank of Minneapolis is hereby
approveda.
Passed by the council of the City of Richfield this 13th day of Januarys 1.969.
Att~estq ,i~ L
Thomas Je ane City Clerk
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Stanley W0 Olsone Mayor