1992-4388
I~tA RESOLVl'IdrT N0. 438
~tESOLUTION DESIG~TIIVG ~ FIRSTAR B~1l~IIt A DEF06ITORY
OF FZA~ID6 OF TF~ f~l[tSIIVG ArID RIDEVE[AF~1'P A[Tif~tITY Fit
RIQ~ZELD Fit ~ YFAR 1992 ArID A~F'PR4VIIVG ppr.r.nm~nr.
BE IT RE50LVID by the Housing and R~edevelopm~nt Authority of Richfield as
follows:
That, in accordance with law, the Firstar Bank be, atxl hereby is
designated a depository of the funds of the Horsing and Redevelopirnnt
Authority, and subject to the following teams and oooclitions:
. 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 arty depository the sum for which its deposits are in.,~,tted
under the Acts of ~ of the United States relating to insurance of bank
deposits; but nct in case such deposits in erYy such depository shall at any
time exceed such insured spun, said depository shall immediately furnish bonds
or other security for such excess aooordiryg to law, approved by the Housing
and Redevelopment Authority of Richfield.
That said depository shall. pay on demarxi all deposits there; aryl shall
pay all time deposits, at or after the end. of the period for which the same
shall be deposited, on demand.
SE IT F ItE50LVID, that there shall be maintained a general account
in which shall be deposited all morLies. Chec-3ss on this accamt shall be
signed by the following officers or their facsimile signatures.
Thomas E. Harms, Ch3trmian
Jamies D. Prosser, Executive Director
HE IT FIB RE90LVID, that tl~.re shall. be a daily interest savings
accoamt. All withdrawals from said acoo~uit will be for transfers to the
checkiryg acootimt.
HE IT FLT RE50LVID, that the collateral in the amount of $1,000,000
deposited for safekeeping at the Marquette Bank, iss hereby approved..
Passed by the HoaLS3r~g and Redevelopment Auttnri of Richfield this 21st
day of January, 1992.
"Thomas E. Harnts, Chairperson
ATTEST:
-~~ ~
can Helmberr~er, Sege