11-1086rHRA RESOLUTION NO. 1086
RESOLUTION DESIGNATING U.S. BANK
A DEPOSITORY OF FUNDS OF THE HRA OF RICHFIELD
FOR THE YEAR 2011
BE IT RESOLVED, by the. Housing and Redevelopment Authority of Richfield 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 Housing and
Redevelopment Authority of Richfield, subject to modification and revocation at any time
by said 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 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 Housing and Redevelopment Authority of Richfield.
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. The following officers or their facsimile
signatures shall sign checks on this account;
SUZANNE M. SANDAHL, CHAIR
STEVEN L. DEVICH, EXECUTIVE DIRECTOR
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.
Adopted by the Housing and Redevelopment Authority of Richfield, Minnesota
this 18th day of January, 2011.
ATTEST:
J n Helmberger, Secretary
1/~ .
Suz a M. Sandahl, Chair