1974-5286r300
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RESOLUTION N0, 5286
RESOL'C~zZ'I01~' :0'ES'IGNATIN'G THE RICHETELD BANIZ & TRUST COMPANY A
DE~OS:LZ',ORY OF' f'UNDS 0`E' THE CITY OF RICHFIELD FOR THE YRAR
1975 AND A1~PROVING COLLATERAL
BE IT RESOLVED by the city council of the City of Richfield as followse
That, 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 modim
fication 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 th.e sums 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 lawn 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 t'he end of the period for which the same shall be deposited,
on demand.
BE I`1' FU'RTHER. R:~SOLVED9 that there shall be maintained a general account in which
shall be deposited all moneys not otherwise specifically provided for, Checks on
this account shall be signed by the following officers or their=facsimile
signaturese
LOREN Lo LAW, Mayor
W'AYNE S, BURGGRAAFF', 'Manager
THOMAS J, MORAN9 Treasurer
BE IT F'UR`l'I=I.ER R~,SOLVED, that there shall be maintained a City of Richfa~eld
HUD Account in which sh.a11 be deposited by direct wire all moneys from the=.f~deral
Government in payment of a federal grant for the development of Taft Farke Within
drawls from said account will be for transfers to the General Account. Checks on
this ac~;ount shall be signed by the above officers, or their facsimile signatures.
BE I`C E'U'1'H.ER RES~JZVPD, that collateral in the amount of ~1,~00,000 deposited
for safekeeping at t.~ie Marquette National Bank of Minneapolis, is hereby approved,
1974.
Passed by the Cit~r' Council of the City of Richfield this 23rd day of December,
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-'~ +L~ren L. Law ~ Mayor
A`1' 1'E S `1' o
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'Thomas J, 'Mo~a.n City Clerk