1971-4555rPJ /y
RESOLUTION No. 4555
RESOLUTION APPROVING INCREASE IN COLLATERAL FOR THE
RICHFIELD BANK AND TRUST COMPANY AS AN OFFICIAL DE-
POSITORY OF FUNDS OF THE .CITY OF RICHFIELD FOR THE
YEAR 1971
WHEREAS, Resolution No. 4493 designated the Richfield Bank and Trust
Company 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 Marquette National Bank
of Minneapolis, 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 ..C~-~~
MAYOR
ATTEST
CITY