1970-4317r~~' 'h
Er'~ .~
.RESOLUTION No . 4317
RESOLUTION DESIGNATING THE RICHFIELD BANK & TRUST CO. A
DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR
1970 AND APPROVING COLLATERAL
BE IT RESOLVED b~' the city co~sncil of the City of Richfield. as follows o
That, ~~ _ accordance wieh -law, the Richfield Bank & Trust Coe be, and here-
by ~.s designated a depository of the funds of the City of Richfield, subject to
~nc~dificati®n. and revocat•?or± at any t•~:me by said city,. and subject to the following
teu~ms and conditions o
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 exceed
irr any depository the sum fox which its deposits are insured under the Acts of
Congress of the United States relating to insurance of bank deposits; but that
~•~ case such deposits in any such depository shall at any time exceed such in~
surd s~~;m, said depository shall immediately furnish bonds or other security for
such excels according to law, approved by the city council of said city,
That said depository shall pay on demand all deposits therein; and sha11 pay
all time deposits, at ox after the end of the period for which the same sha11 be
deposited, on demand,
BE IT FURTHER RESOLVED, that there shall be maintained. a general account in
which shall be deposited all monies not otherwise specifically provided fore
Checks on t~iis account shall be signed by the following officers or their alter.~-
rates o
Stanley Wo Olson, Mayor Alternate A, P. Anderson, Councilman
Wa~•?~e S, Buxggraaff, Massager Alternate Leo J'o Jo11y, Engineer
Tho^~8as J, Moran, TL°easurer Alternate Mildred. Mitton, Sr. Accountant
BE IT FURTHER RESOLVED, that collateral in the amount of $500 , OOO o 00 deposited
for safekeeping at the Marquette National Bank. of Minneapolis is hereby approved,
Passed by t,~ie C•Pty Council. of the City of Richfield this 26•th day of January,
1970,
Stanley Vd,~Olson, Mayor
Attest
Thomas Ja oxen, City Clerk