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HomeMy WebLinkAboutResolution 79-04CiTY OF CITY OF COLUMBIA HEIGHTS 590 40th AveJ N.E. - (612) 788~9221 _ - RESOLUTION #79 - 4 AUTHORIZING TRANSFER OF FUNDS FOR INCREASING INTEREST RETURNS BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLUMIBA HEIGHTS, that Twin City Federal Savings and Loan Association (TCF) be, and it is hereby authorized and directed, as the agent of the City of Columbia Heights, to transfer funds pursuant to telephone instruction given in the manner described below either (1) to the City of Columbia Heights' savings account at TCF from the City's checking account No. 539 0034 at Northeast State Bank - Columbia Heights Office, the address of which is Columbia Heights, Minnesota 55421, or (2) from said savings account to said checking account. BE tT FURTHER RESOLVED, that TCF be, and it hereby is, authorized and directed to withdraw funds from said savings account upon telephone instructions given in the manner described below and make payment thereof by check payable to the City of Columbia Heights mailed to the address shown on TCF's records for said savings account. BE IT FURHTER RESOLVED, that amounts deposited in said savings account, are not withdrawable until collected. FURTHER RESOLVED, that TCF be, and it hereby is, authorized to act pursuant to this authorization upon telephone instruction purporting to be from Mayor Bruce G. Nawrocki, City Manager Robert S. Bocwinski, or City Clerk-Treasurer John E. Schedler, in which the caller identifies the Personal Identification Number assigned to said savings account, and the City of Columbia Heights, its successors and assigns shall hold TCF harmless form any loss or expense (including reasonable attorney's fees) arising out of its so acting. FURTHER RESOLVED, that the City of Columbia Heights represents to TCF that said saving§ account and said checking account have identical ownership and withdrawal rights, that the City shall bear sole responsibility for maintaining such identity, and that TCF shall in no event be responsible for any withdrawals made pursuant to ownership or withdrawal rights of said savings account and said checking account or for any funds transferred to said checking account after the transfer. FURTHER RESOLVED, that this authorization wilt remain in effect until receipt by TCF of written notice from the City of Termination of this authorization by this board. Bruce G. Nawrocki, Mayor E. "Sebe" Heintz, Councilmember Walter Logacz, Councilmember Gayle R. Norberg, Councilmember Kenneth E. Hentges, Councitmember EQUAL OPPORTUNITY EMPLOYER -2- Passed this 8th day of January, 1979 Offered by: Logacz Seconded by: Hentges Roll Call: All Ayes Secretary to the Council Bruce G. Nawrocki, Mayor