1976-5647r1b0
RESOLUTION N0. 5647
RESOLUTION DESIGNATING THE RICHFIELD BANK & TRUST COMPANY
A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR
1977 AND APPROVING COLLATERAL
BE IT 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 modification and revocation at any time by said City, and subject to the following
terms and conditions:
The said depository sha?.l 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 deposits are insured ~.inder 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 law, approved by the City Council of said City.
That said depository shall pay on demand alI 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 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
THOMAS J. MORAN, Treasurer
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BE IT FURTHER RESOVLED, that there shall be a daily interest savings
account. All 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 riarquette National Bank of Minneapolis, is
hereby approved.
Passed by the City Council of the
December, 1976.
City of Richfield this 13th day of
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~ -~ Lo~ en L. Law ,Mayor
ATTEST:
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Thomas J. Ivlorax~ City Clerlc
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