1972-4894rRESOLUTION No. 4894
RESOLUTION DESIGNATING THE RICHFIELD BANK & TRUSfi COMPANY A
DEI'OSI'1°ORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR 197.8
AND APPROVING CO'LTATERAL
BL° I1 RESOLVED by the city council of the City :~ y :`.~_b~:ield as follows a
Thati, 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 e:er~~s and conditions;
The said depository shall not be re~vuired 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 excels according to law, approved by the city council of said
city,
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 for. Checks
on this account shall be signed by the following officers or their facsimile signa4
tures:
LOREN L. .LAW, Mayor
WAYNE S. BURGGRAAFF, Manager
'T'HOMAS J. MORAN, Treasurer
BE IT FURTHER RESOLVED, that collateral in the amount of $800,000, deposited
for safekeeping at the Marquette National Bank of Minneapolis, is hereby approved,
Passed by the City Council of the City of Richfield this 26th day of December,
1972.
..~~~ ~ ~
~_ c.___ ~ '--
Loren L, Law Mayor
Attest;
.~
'~:~,,i % ~~~('l~~i
Thomas J. Morarf City Clerk