1975-5463rRESOLUTION N0. 5463
RESOLUTION DESIGNATING THE SUMMIT STATE BANK A DEPOSITORY :OF
FUNDS OF THE.CITY OF RICHFIET,D FOR THE. YEAR 1976 AND APPROVING
COLLATERAL
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BE IT RESOLVED by the, City Council. of the City of Richfield• as follows:
-That, in accordance with law, 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 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 a~ 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 immnediately 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.
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BE. IT FURTHER RESOLVED, that there shall be maintained a general account in ~~~
which shall be deposited all moneys from liquor and swimming pool/ice arena oper-
ations. Checks on this account shall be signed by the following officers or their
facsimile signatures:
LOREIV L. LAW, Mavor
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 accountr
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
included in said bi-weekly payroll.
BE IT FURTHER RESOLVED, that there-shall be a daily interest savings account.
. All withdrawals from said account will be for transfers to the general checking
account. -
BE TT FURTHER RESOLVED, that collateral in the amount of $1,485,000, deposited
for safekeeping at-the Marquette National Bank of Minneapolis and the Federal Reserve
Bank, is~hereby approved.
Passed by the Council of-the City of Richfield this 2 day of_December, 1975.
Lor n L. Law
ATTEST: ~
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Thomas J./ Mores C~.ty C er
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