1974-5287r301
RESOLUTION NO> 5287
RESOLUTION DESIGNATING THE SUMMIT' STATE BANK A DEPOSITORY OF
FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR 1975 AND APPROVING
COLLATERAL
BE I'I' RESOLVED 'by the city council of the City of Richfield as follows:
That9 in accordance with laws the Summit State Bank 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 city9 and subject to the following terms and
conditions o
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 immedately furnish bonds or other security for such excess
according to law, approved by the city council of said city,
`T`hat said depository shall pay on demand all deposits therein; and shall pay
all tf.me deposits, at or after the end of the period for which the same shall be
deposited9 on demand,
BE TT FURTHER RESOLVED9 that there shall be maintained a general account in
which shall be deposited all moneys from liquor and swimming pool/ice arena operations,
Checks on this account shall be signed by the following officers or their facsimile
signaturesa
LOREN L, LAWS Mayor
WAYNE S, BURGGRAAFF, Manager
THOMAS J, MORAN9 Treasurer
BE TT FURTHER RESOLVED, that there s'ha11 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 accounto
'I'hereafter9 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 b iweekly payroll,
BE IT FUR.'I~ER RESOLVED, that collateral in the amount of $19905.,0009 deposited
for safekeeping at the Federal Reserve Bank9 is hereby approvedo
Passed by the Council of the City of Richfield this 23rd day of December, 19740
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~.~ ` '•oren L® Law r Mayor
A'I'TES `I' o
'T'homas Ja Mores City Clerk