1971-4713rRESOLUTION No. 4713
RESOLUTION DESIGNATING TIC RICHFIELD BANK & TRUST COMPANY
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR TNT YEAR
1972 AND APPROVING COLLATERAL
BE IT RESOLVED by the city council of the City of Richfield as followso
That,. i.n 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 conditionso
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
emceed 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 depositss
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
city,
`?''.hat 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 FURT?~ R RESOLVED, that there shall be maintained a general account in
which shall be deposited all monies not otherwise specifically provided for. Checks
on this account shall be signed by the following officers or their alternateso
Loren L, Law, Mayor
Wayne So Burggraaff, Manager
Thomas Jo Moran, Treasurer
BE IT FUR`1'1TER RESOLVED, that collateral in the amount of $800,000 deposited
for safekeeping at the Marquette National Bank of Minneapolis is hereby approvedo
19710
Passed by the City Council of the City of Richfield this 27th day of December,
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"Stanley Wo Olson Mayor
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`"homes Ja Moral City Clerk