1990-375137
HRA RF50LUTION NO. 375
RESOI'~ION DESIC~TII~ THE FIRST WESTEE~T BAN[{ A DEPOSITORY
OF FO1~ID6 OF THE ROUSTING AMID RIDEVEIAPN~IT AU'T'HORITY F1DR
RIC~~'IELD FC)R THE YFAR 1990 AMID APPFiaVING OOLLATERAL
BE IT RESOLVED by the Housing and Redev~lc~naent Authority of:Ri.chfield as
follows:
That, in aooordarr~e with law, the First Western Bank be, and hereby is
designated a depository of the funds of the Housing and Redevelognent
Authority, arxi subject to the following terms and coa7ditions:
The said depository shall not be required to give boaxls or other
securities for such deposits provided that the total sa~nn thereof shall not at
any time exceed in any depository the sum for which its deposits are ir>~sured
under the Acts of C~~gress 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 seam, said depository shall immediately furnish bonds
or other security for such excess aoooridirryg to law, approved by the Housing
and Redevelopment Authority of Richfield.
That said depository shall pay can deataar>Id all deposits there; and shall
pay all tame deposits, at or after the end of the period for which the same
shall be deposited, on demand.
BE IT FURTF~t RESOLVID, that there shall be maintained a general account
ira, which shall be deposited all m~ies. Chec3~s can this account shall be
signed by the following officers or their facsimile signatures.
Tha[aas E. Harms, C7aairman
James D. Prosser, Executive Director
BE IT FURZE RESOLVID, that there shall be a daily interest savings
aocotinut. All withdrawals from said aooaua~t will be for transfers to the
general. ~3ciar>rg aooat.uzt.
BE IT FURTHER RESOLVID, that the collateral in the amount of 5838,133
deposited for safekeeping at the Marr.~ette National Bank of Minrnapolis, is
hereby approved.
Passed by the Housing and Redevelo~xnent Authority of Richfield this 16th
day of January, 1990. . ~°~ ,
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~~~ ` -~ ~~~~~ ~~~G
E. Harms, Chaixper'son
ATTEST:
JOail Helmberger,