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1971-4714r RESOLUTION No. 4714 RESu~UTION D~ESIONATING TN.~ 5UMM'LT STATE BANK A DEPOSITORY Ol' FUNDS OF `?~~ CITY OF RICHFIELD FOR THE YEAR 1972 AND A?~PR®VINC C®LLATERAL BE IT RESOLVED by the city council of the City of Richfield as followsa That, in accordance with law, the Summit State Bank be, and hereby is desig- n~.ted a dep®sitory of the funds of the City of Richfield, subject to modification a~?d revocation at any time by said city, and subject to the following terms and condit:~.ons e The said depository shall not be required to give bonds or other securities for such deposits pr©vided that the total sum thereof shall not at any time emceed in a.ny 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 not in case such deposits in any such depository shall at any time emceed such insured sum, said depository shall. immediately furnish bor_ds or other security fc~r such excess according to law, approved by the city council of said city. T.~at said depository shall pay on demand all deposits therein; and shall pay all time deposits, a.t or after the end of the period for which the same sha11 be deposited, on demand. BR IT f'URTHER RESOLVED, that there shall be maintained a general account in which. s~^all be deposited all moneys from liquor and swimming pool operations. Checks on this account shall be signed by the following officers or their alternatesa Loren L. Law, Mayor Wa:yne S. Burggraaff, Manager Thomas J. Moran, Treasurer BE IT 1'URTHE•ER RESOLVED, that there shall be maintained a city payroll account. There shall be issued a single check bi-weekly for an amount equal to the semi-monthly ~;ity payroll, payable to the Director of Finance for deposits in such payroll account. Thereafter, the Director of Finance is authorized to issue payroll checks on said acc®unts bearing only his signature as city treasurer for all wages or salaries in- cluded in said bi-weekly payroll. BE IT FURT~?ER RESOLVED, that collater~.l in the amount of $800,000 deposited for sa.:Eekeeping at the Federal Reserve Bank is hereby approved. Passed by the Council of t:he City of Richfield this 27th day of December, 1971. ~~.. a ~ ~ ~ ~ v~_ ~~' '~'~~ Y~_ Stanley TnY. Olson Mayor Attest -, , ~'~oma.s J. Mora.r~< -- City Clerk