1975-066
i.
RESOLUTION N0. 6
RESOLUTION DESIGNATING THE SUMMIT STATE-BANK A DEPOSITORY OF
FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
FOR THE YEAR 1975 AND APPROVING COLLATERAL
BE IT RESOLVED by the Housing and Redevelopment Authority of Richfield
as follows; ~ ~.
That, in_accordance with law, the Summit State Bank be, and hereby is
designated a depository of the funds of the Housing and Redevelopment Authority
of Richfield, subject to modification and revocation at any t3.me by said Housing
and Redevelopment Authority, 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 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 immediately furnish bonds or other security for such
excess according to law, approved by the Housing and Redevelopment Authority of
Richfield.
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.
BE IT FURTHER RESOLVED, that there shall be maintained a general account
in which shall be deposited all moneys. Checks on this account shall be signed
by the following officers or their facsimile signatures:
LOREN L. LAW, Chairman.
WAYNE S. BURGGRAAFF, Executive Director
THOMAS J. MORAN, Treasurer
ii
passed by the Housing and Redevelopment Authority of Richfield this 14th
day of July, 1975.
ATTEST:
~~~~~~
A. P. Anderson Secretary