1995-537107
HRA RESOLUTION NO. 537
RESOLUTION DESIGNATING THE FIRSTAR BANK A DEPOSITORY
OF FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY FOR
RICHFIELD FOR THE YEAR 1995 AND APPROVING COLLATERAL
BE IT RESOLVED by the Housing and Redevelopment Authority of Richfield as
follows:
That, in accordance with law, the Firstar 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 $1,000,000
deposited for safekeeping at the Firstar Bank, Milwaukee, Wisconsin is hereby approved.
Passed by the Housing and Redevelopment Authori f~ichfield this 17t~day of
January, 1995. ` ,
E. Harms, Chairperson
u
Vern Luettinger,