1986-27838
HRA RESOLUTION N0. 278
RESOLUTION DESIGNATING THE FIRST WESTERN BANK A DEPOSITORY
OF FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF
RICHFIELD FOR THE YEAR 1986 AND APPROVING COLLATERAL
BE IT RESOLVED by the Housing and Redevelopment Authority of
Richfield as follows:
That, in accordance with law, the First Western 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 s-hall 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
$702,763 deposited for safekeeping at the F & M Marquette
National Bank of Minneapolis, is hereby approved.
Passed by the Housing and Redev pment Authorit of
Richfield this 21st day of Januar , 986.
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Thomas E. Harms Chairman `'t~~'d~
ATT ST : `
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Jo'n Helmberger S cretary ~ ° ;
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