1982-18966
HRA RESOLUTION NO. 189
RESOLUTION DESIGNATING THE SUMMIT STATE BANK A DEPOSITORY OF
FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
FOR THE YEAR 1982 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 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
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 dep~Qsited, 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.
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
$353,600 deposited for safekeeping at the Marquette National Bank of
Minneapolis, is hereby approved.
Passed by~the Housing and Redevelopment Authority of Richfield
this 16th day of February, 1982.
Go ,
Thomas E. Harms Chairman
ATTEST:.
Michael 0. Freeman Secretary
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