1981-15734
HRA RESOLUTION NO. 157
RESOLUTION DESIGNATING THE SUMMIT STATE BANK A DEPOSITORY OF
FUND5 OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
FOR THE YEAR 1981 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 time-by said.Housing and Redevelopment Authority,
and subject to the following terms and conditions:
The •s aid 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 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 Rede-
velopment 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 ac-
count shall be signed by the following officers or their facsimile
signatures:
• Thomas E. Harms, Chairman
Karl Nollenberger, Executive Director
BE IT FURTHER RESOLVED, that
savings account. All withdrawals
transfers to the general checking
BE IT FURTHER RESOLVED, that
$600,000 deposited for safekeepin
Minneapolis, is hereby approved.
there shall be a daily interest
from said account will be for
account.
the collateral in the amount of
~ at the Marquette National Bank of
Passed by the Housing and Redevelopment Authority of Richfield
this 19th day of January, 1981.
•
omas E. Harms, Chairman
ATTEST:
r.
Michael 0. Freeman Secretary
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