1970-4318rf' ~'
KSCL~•TIO.~ ~0, 43i8
RES~iG"~~:':~':C,'~N DESIG'~TATTNG T:[1E SUMMl`T STA•~ B.!-+:I~C.~ A :L,;:~:E'OSI~ORY +~1' f'(31~:Os OB' ~'.E:~
(~:T.Z'~'. C'F R'T.C~'*~.1'~EL:~ FJR THE YE.A.R 190 A~TD Ar'':'RO'V'I:L~TG COLD;1"'ER~L
BE T`l' RES:3LVED by the city council of the City of Richfield as f~sllc~ws
.~.-.~ in accordance with law, the Summit State Bank be, and hereby is desig~
na~ed a ~~~asitor~y of the funds of the City of Richfield, subject to modification
and revocation at any time by said city, and subject to the following terms sand
cwnditions<
`The sa.i.~: epos Lt:~sxwy~ shall not be required to give bonds or other securities
for such deposits pr~~v3.ded that the total sum thereof shall not at any time exm
teed in any depository the sum for-which its deposits are insured under the Acts
®f Congress of the United States relating to insurance of bank deposits; but not
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,
Z1a.at said depository shall pay on demand all deposits therein; and sha11 pay
all time deposits, at or after the-end of the period for which the same shall be
deposited, on dennaa~.do
h~~' 7°t' 1'IiR"~:"L~h R~'S;~T~VE~~~~ that there shall be maintained a general account in which
sn:~11 be deposited all mmneys from liquor and Swimming pool operat3.onse Checks on
this account shall 'be signed by the following ®fficers or their alternatese
Stanley Wo 01son, Mayor Alternate Ao Po Anderson, Councilman
Wayne So Burggraaff, Manager Alternate Leo Jo Jolly, Engineer
`Thomas Ja Moran9 Treasurer Alternate Mildred Mitton, Sr, Accountant
BE TT :E'[TRTN~R RESOLVE.?; that there sha11 be maintained a city payroll account, There
sha11 be issued a single check "biweekly for an amount equal to the semi®monthly
city payroll,, pay~.ble to the Director of Finance for deposits in such payroll account,
'T~±ereafter, the Director of Finance is authorized to issue payroll checks on said
s.-ccounts bea~ei.ng only his•signature as city treasurer for all wages or salaries in~
cl.uded in said biweekly payroll,
BET.`T FUR`?'({ER RESC3LVF:'~ti, that collateral in the amount of $500,000000 deposl.ted for
safekeeping at the Federal Reserve Bank is hereby approved,
Passed by the council of the City of Richfield this 6th day of January, 1970a
ta.) • ~'l
Attests J ~ Stanley W'o 01son, Mayor
rt,e.,4i
.Thomas a Moran, City Clerk
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