031626 Reso 1525_Depository of FundsRESOLUTION NO. 1525
RESOLUTION DESIGNATING U.S. BANK
A DEPOSITORY OF FUNDS OF THE HOUSING AND
REDEVELOPMENT AUTHORITY OF RICHFIELD FOR
THE YEAR 2026
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, 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;
CHAIR
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.
Passed by the Housing and Redevelopment Authority Richfield, Minnesota this
16th day of March, 2026.
Chai
ATTEST: