1980-13512
HRA RESOLUTION NO. T35
RESOLUTION DESIGNATING THE SUMMIT STATE BANK A DEPOSITORY OF
FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
FOR THE YEAR 1980 AND APP~iOVING COLLATERAL
BE IT RESOLVED by the Housing and Redevelopment Authority of Richfield
as follows: -
That, in accordance with law, the Summmit 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 depositary 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:
bONALb J. PRIEBE, Chairman--
, KARL NOLLENBERGER, Executive Director
JOYCE L. WILDE, Treasurer
BE IT FURTHER RESOLVED, 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 S9~J0,000 deposited
for safekeeping at the Marquette National Bank of Minneapolis, is hereby approved.
Passed by the Housing and Redevelopment Authority of Richfield this 11th day
of February, 1980.
f
onal J. Priebe Chairman
ATTEST:
N
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V. L. Luettinger cretary