1973-5133rRESOLUTION No. 5133
RESOLUTION DESIGNATING THE SUMMIT STATE BANK 2, 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:
That, in accordance with law, the Summit State Ban'~c; be, and hereby is desig-
nated 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
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 not 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 r_he 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 moneys from liquor and swimming pool operations.
Checks on this account shall be signed by the following officers or their facsimile
signatures:
LOREN L. LAW, Mayor
WAYNE S. BURGGRAAFF, Manager
THOMAS J. MORAN, Treasurer
BE IT FURTHER 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 bi-weekly
city 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
accounts bearing only his signature as city treasurer for all wages or salaries in-
cluded in said bi-weekly payroll.
BE IT FURTHER RESOLVED, that collateral in the amount of $1,585,000, deposited
for safekeeping at the Federal Reserve Bank, is hereby approved.
Passed by the Council of the City of Richfield this 26th day of December, 1973.
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`~~~~ Loren L. Law ~ '-~ Mayor
ATTEST
Thomas J. Moran City Clerk