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1978-79. ~ .. . $6 ._ ~ - ~ ~ _ • ~ _ ~ RESOLUTION. N0. 79 . . .. - .. ,.-- _ - -" - " RESOLUTION DESIGIIATING THE SUMMIT STATE BANK A DEI~SITORY-OF~ . FUNDS OF THE HOUSING AND REDEVELOPrTErTT AUTHORITY OF RICHFIELD . F©R. THE YEAR 1978 AND APPROVING COLLAI.'ERAL_ SE IT RESOLVED by-the Housing and Redevelopment Authority of Richfield as followst That,~in accordance with law,-the Surmmit State Bank be, and hereby is~ • designaCed a depository of the funds of the Housing and Redevelopment-Authority of Richfield, subject tomodificat.on and revocation at any time by said Housing 'and Redevelopment Authority., and subject. to the following terms and conditions:. • 7.'he said depository shall not be requi::ed 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 - ease such deposits in any such depository shall at any time exceed such insured sum, said depository shall imiriediately 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 an demand-.all deposits therein; and shall pay all tise deposits, at or after the end of the period-for which the same shall be ~. deposited, on demand. ~ . BE IT FURTFiEii 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 • ~ ~ Passed-by the Housing .and Redevelopment Authority of Richfield this . 9th day of ,Iareuary',~ 1978. ~ ,• ' • ~ •. Lo n L. Law Ch irman .- o - .. AfiTEST: _ ~ - ~. ~ ~ . Ivan Ludeman Secretary