1987-29657
HRA RESOLUTION NO 296
RESOLUTION DESIGNATING THE FIRST WESTERN BANK A DEPOSITORY
OF FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY FOR
RICHFIELD FOR THE YEAR 1987 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 there; 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
James D. Prosser, 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 $559,952
deposited for safekeeping at the Marquette National Bank of Minneapolis, is
hereby approved.
Passed by the Housing and Redevelopment Autho y of Richfield this 27th
day of January, 1987.
~L/,~
homas E. Harms Chairman
ATTEST: / /
J n Helmberger Secret ry