1975-5464r. RESOLUTION N0. 5464 501
RESOLUTION DESIGNATING THE RICHFIELD BANK & TRUST COMPANY
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR
197b AND APPROVING COLLATERAL
.- BE TT RESOLVED by the City Council of the City of Richfield as follows: '
-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 modi-_
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 the sums for.-which its deposts are insured under the. Acts of Congress
of the..:~,Lnited 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 ac-
cording 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,
_ .., _
~~ D'~-IT FURTHER:-RESOLVED,-.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
signatures; - =
-
• LOREN L. LAW, Mayor
WAYNE S. BURGGRAAFF, Manager a
• THOMAS J. MORAN, Treasurer.
BE IT FURTHER RESOLVED, .that there shall be maintained a City of Richfield
AUD~Account in which shall be deposited by direct wire all moneys from the Federal
Government in payment of a federal grant for the development of Taft Park. With-
drawals from said account will be for transfers to the general account, Checks on
~~~ this account shall. be signed by the above officers, or their facsimile signatures.
BE IT FURTHER RESOLVED, that there shall be a daily interest .savings account.
A11 withdrawals from-said account will be for transfers to the general checking
account.
BE IT FURTHER RESOLVED, that collateral in the amount of $1,300,000 deposited
for safekeeping at-the Marquette National Bank of Minneapolis, is hereby approved.
Passed by the City Council. of the City of Richfield thi 22nd day of:
December,. 1975.
ATTEST:
Thomas J. Mo City Clerk
~•
~ ~~
• en L. Law Mayor