1979-106119
HRA RESOLUTION N0. 106
RESOLUTION DESIGNATING THE SUMMIT STATE BANK A DEPOSITORY OF
FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
FOR THE YEAR 1979 AND APPROVING COLLATERAL
BE IT RESOLVED by the Housing and Redevelopment Authority of Richfield
as follows:
That, in accordance with Iaw, 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 time 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 monies. 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
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 $400,000 deposited
for safekeeping at the Marquette National Bank of Minneapolis, is hereby approved.
Passed by the Housing and Redevelopment Authority of Richfield this 8th
day of January, 1979.
L ren L. Law C a' an
ATTEST: