1989-343105
HRA RESOLUTION NO. 313
RESOLUTION DESIGNATING THE FIRST WESTERN BANK A DEP06ITORY
OF FLJI~ID6 OF THE HC7[JSING AVID RIDEVEIDPN~I'T AUTHORITY FOR
gI[~r~:rn F~ THE yE~+,R 1989 AND APPf2C7VING C70LLATERAL
BE IT RE80LVED by the Hausir~g arxi Redevelo~xnent Authority of Richfield as
follows:
That, in aoaordarx~e with law, the First Western Hank be, and h~er~eby is
designated a depository of the funds of the Hotasing and Redevelopment
Authority, aryl subject to the following terms and ooryditions:
The said depository shall not be required to give boards or other
securities for such deposits pn~vided that the total sum thereof shall rx~t at
any time e.~coeed in arty depository the sum for which its deposits are insured
under the Acts of CongrFSS of the United States relating to insurance of bank
deposits; but riot in case such deposits in any such depository shall at any
time exceed such insured sum, said depository shall 3mnediately furnish bonds
or other security for such excess aaoordir~g to law, approved by the Housing
arxi Redevelopment Authority of Richfield.
That said depository shall pay on demarrl all deposits there; and shall
pay all time deposits, at or after the end of the period for which the same
shall be dom.posited, on demmar~d.
HE IT FURTf~2 RESOLVED, that there shall be maintained a general. account
in which shall be deposited all monies. G~~ecks cxz this aaaount shall be
signed by the following officers or their facsimile signatures.
Thomas E. Hanes, Chair~mari
James D. Prosser, Executive Director
HE IT FURTf~2 RF~OLVID, that there shall be a daily interest savings
aooa~nzt. All withdrawals from said acooamt will be for transfers to the
general cY~eckirxl ar~oount.
BE IT FURTf~ RESOLVID, that the collateral in the amount of $739,877
deposited far safekeepiryg at the Marquette National Hank of Minneapolis, is
hex+eby appr'ov'ed
Passed by the Housiryg arxi Redevelopnerrt Authority~f Richfield this 17th
day of January, 1989.
~~," ~
'mss E. Harms, Chaixperr.~on
ATTEST:
c~v
J Helmberger, Secxe