1991-410172
I~iA RESOLV!'ION NO. 410
RF~OLtfl'ION DESI(~TIIVG THE FIRST WES`T~T BArIIC A DEPOSITORY
OF F[A~ID6 OF Zip ~IDUSII~G AMID RIDEVECAPI~1'P AL~RITY FOR
RIQ~TEf,D FOR TF~ YEAR 1991 ArID APPROVII~iG ODLLATgiAL
BE IT RESOLVID by the Housiryg arxi Redevelopment Authority of Richfield as
follows:
That, iaZ accordance with law, the First Western Bank be, aril hereby is
designated a depository of the funds of the Housing and Redevelopitr'xit
Authority, and subject to the following terms and conditions:
The said depository shall riot be required to give bonds or other
securities for such deposits provided that the total sum tt~reof shall not at
arty 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 arty such depository shall at any
time exceed such i *~~ ~ sum, said depository shall 3mnediately furnish borbds
or other security for such Pxryac_a aocor~d3ryg to law, approved by the Housing
arx3 Redevelopment Authority of Richfield.
That said depository shall pay on demand all deposits thP,re; and shall
pay all time deposits, at or after the end of the period for which the same
shall be deposited, cn demand.
BE IT FURTfR~t RESOLVID, that there shall be maintained a general account
in which shall be deposited all moazies. Checks on this account shall be
signed by the following officers or their facsimile signatures.
Thotrtas E. Harms, Cnairm~n
James D. Prosser, Execlrtive Director
BE IT Fi)RTfR•~i RESOLVID, that there shall be a daily intP.rest savings
account. All withdrawals from said accrnurt will be for transfers to the
~ checking account.
BE IT FL~'I~~t RESOLVID, that the collateral in the amount of $2,000,000
deposited for safekeeping at the First Wisconsin National Bank, is hereby
approved.
Passed. by the Housing and Redevelopnent of Richfield this 22nd
day of January, 1991. `~`
f; ~ <~ /
E. Harms,
ATTEST:
~ n
J HeLnber~ger, Sec~+et~