1973-5132rRESOLUTION No;, 5132
RESOLUTION DESIGNATING THE RICHFIELD BANK & TRUST COMPANY A
DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR
1974 AND APPROVING COLLATERAL
BE IT RESOLVED by the city council of the City of Richfield as follows:
't`hat, in accordance with law, the Richfield Bank & 't'rust Company be and'
hereby is designated a depository of the funds of the Gity of Richf field, subject
to modification and revocation at any time by said city, and subject to the
following terms and conditions:
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
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 excess 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 fa.c~imile
.signatures.:
LOREN L. LAW, Mayor -
WAYNE S. BURGGRAAFF, Manager
. THOMAS J. MORAN, Treasurer
BE IT FURTHER RESOLVED, that there shall be maintained a City of Richfield
HUD Account in which shall deposited by direct wire all monies from the Federal
Government in payment of a federal grant for the development of Taft Park. With-
drawals from said account will be for trans-fern to the General Account. Checks
on this account shall be signed by the above officers,:_'or their facsimile signa-
tures.
BE IT FUR`T'HER RESOLVED, that collateral in the amount of $1,040,000 deposited i
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,
1973. -~
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Loren L. Law -T-~ ,~ mayor
Attest:
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Thomas J. Moran City Clerk