1984-239116
HRA RESOLUTION N0. 239
RESOLUTION DESIGNATING THE SUMMIT STATE BANK A DEPOSITORY OF
FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
FOR THE YEAR 1984 AND APPROVING COLLATERAL
BE IT RESOLVID 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,
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.
Thomas E. Harms, Chairman
John G. Cartwright, 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 $561,558
deposited for safekeeping at the F & M Marquette National Bank of Minneapolis,
is hereby approved.
Passed by the Housing and Redevelopment Authority of Richfield this
16th day of January, 1984.
~~L~~ C / ~ G~2~v~
Thomas E. Harms Chairman
ATTEST:
a
oan Helmberger Secretary