1970-4493rice,' CL~
RESOLUTION Noe 4493
RESOLUTION DESIGNATING-THE RICHFIELD BANK & TRUST COMPANY
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR
1971 AND APPROVING COLLATERAL
BE IT RESOLVED by the. city council of the City of Richfield as follows:
That, in accordance with law, the Richfield Bank & Trust Company 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
following terms and conditions:
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 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 other
security for such excess according to law, approved by the city council of said
citya
That said depository shall pay on demand all deposits therein; and shall pay
all time deposits, at or after the end of the period for which the same shall 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 ford Checks
on this account shall be signed by the following officers or their alternates:
Stanley Wa Olson, Mayor Alternate A, P, Anderson, Councilman
Wayne So Burggraaff, Manager Alternate Leo Jo Jolly, Engineer
Thomas J. Moran, Treasurer Alternate Mildred Mitton, Accounting
Clerk II
BE IT FURTHER REESOLVED, that collateral in the amount of $500,000000 deposited
for safekeeping at the Marquette National Bank of Minneapolis is hereby approvedo
Passed by the City Council of the City of Richfield this 28th day of December,
1970.
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Stanley W. Olson Mayor
Attest:
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Thomas Ja Moral= City Clerk