1971-4554r;~ `~
RESOLUTION No. 4554
_. RESOLUTION APPROVING INCREASE IN COLLATERAL FOR THE
SUMMIT STATE BANK AS AN OFFICIAL DEPOSITORY OF FUNDS
OF THE CITY OF RICHFIELD FOR THE YEAR 1971
WHEREAS, Resolution No. 4494 designated the Summit State Bank as an
official depository for the funds of the City of Richfield for the year
1971 and approved certain collateral; and
WHEREAS, it appears desirable to increase the total amount of collateral
due to the fact that the City has seasonal requirements which are in excess
of the presently approved amount:
NOW, THEREFORE, BE IT RESOLVED that additional collateral, in the
amount of $300,000 deposited for safe keeping at the Federal Reserve Bank,
is hereby approved.
- BE IT FURTHER RESOLVED that this increase brings the total collateral
approved to the amount of $800,000.
Passed by the City Council of the City of Richfield this 12th day of
April, 1971.
W_
MAYOR
ATTEST:
G~ ~ZA-/~ ~ ~~
CI CLERK
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