1980-14017
HRA RESOLUTION NO. 140
RESOLUTION DESIGNATING THE SUMMIT STATE BANK A DEPOSITORY OF
FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
FOR THE YEAR 1980 AND APPROVING COLLATERAL
AND RESCINDING RESOLUTION NO. 135
BE IT RESOLVED by the Housing and Redevelopment Authority of
Richf field 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 Richf field, 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 de-
posits are insured under the Acts of Congress of the United States
relating to insurance of bank deposits; but not in case such de-
posits 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 Rede-
velopment Authority of Richfield. ~
That said depository shall pay on dem~a,.,n,~d 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 dei~~nd.
BE LT 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:
Thomas E. Harms, Chairman
Karl Nollenberger, Executive Director.
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 the collateral in the amount of
$900,000 deposited for safekeeping at the Marquette National Bank of
Minneapolis, is hereby approved.
Passed by the Housing and Redevelo ent Authority of Richfield
this 21st day of A~iril, 1980. ~ //
Thomas E. Harms, Chairman
ATTEST:
ern Luettinger/,/ Secretary