2026-01-13 Resolution 12402City of Richfield January 13, 2026
County of Hennepin
State of Minnesota
RESOLUTION NO. 12402
Motion by: Hayford Oleary
Seconded by: Coleman-Woods
RESOLUTION DESIGNATING U.S. BANK A DEPOSITORY OF FUNDS FOR
THE CITY OF RICHFIELD FOR THE YEAR 2026
BE IT RESOLVED, by the City Council of the City of Richfield (the City) as follows:
That, in accordance with Minnesota Statutes, Section 118A.01- 118A.06, U.S. Bank be, and
hereby is designated a depository of the funds of the City, subject to modification and revocation at
any time by said city, 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 sums for
which its deposits are insured under the Acts of Congress of the United States relating to
insurance of bank deposits; but that 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 City Council of said city.
That said depository shall pay on demand all deposits therein; 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 from the water, sewer, storm sewer, liquor, swimming pool/ice arena,
deputy register fees, city permits and other deposits not otherwise specifically provided for. The
following officers or their facsimile signatures shall sign checks on this account;
KATIE RODRIGUEZ, CITY MANAGER
LISA PARADISE, CITY TREASURER
BE IT FURTHER RESOLVED, that all funds remaining in the account at the end of each
business day will be transferred from U.S. Bank to the 4M Fund where funds deposited are
invested and insured.
Passed by the City Council of the City of Richfield, Minnesota this 13th day of January,
2026.
VOTING AYE VOTING NAY
Supple, Mary Supple, Mary
Burk, Walter Burk, Walter
Christensen, Sharon Christensen, Sharon
Coleman-Woods, Rori Coleman-Woods, Rori
Hayford Oleary, Sean Hayford Oleary, Sean
Mary B. Supple, Mayor
ATTEST:
Michelle Friedrich, City Clerk