1976-5648rRESOLUTION N0. 5648
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RESOLUTION DESIGNATING THE SUMMIT STATE BANK 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 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 at any time exceed in any
depository the sum for which its deposits are insured under the Acts of Congress of
the Unified 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
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 all deposits therein; and shall pay alI
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 from liquor and swimming- pool/ice arena operations.
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
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 account.
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 withdrawls from said account will be for transfers to the general checking account.
BE IT FURTHER RESOLVED, that collateral in the amount of $2,185,000, deposited
for safekeeping at the Marquette National Bank of Minneapolis and the Federal Reserve
Bank, is hereby approved.
Passed by the City Council of the City of Richfield this 13~~ day of December, 1976.
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ATTEST:
Thomas J. Mor~~f City Clerk