Resolution 02-03 Bank Authorization

THIS IS TO CERTIFY: That at a meeting of the Council Members of the City of Mountain Iron, (hereafter referred to as the “City”), operating under the laws of the State of Minnesota, duly held on January 6, 2003, the following Resolution was adopted:

BE IT RESOLVED by the Mountain Iron City Council, that the Mountain Iron First State Bank, (hereafter referred to as the “Bank”), is hereby designated as a depository for the funds of the City of Mountain Iron, and any officer of the City is hereby authorized for and on behalf of this corporation to open or continue an account or accounts with said Bank and to execute and deliver to said Bank signature card or cards supplied by said Bank containing specimen signatures of officers and assenting to said Bank’s Rules and Regulations Governing Bank Accounts, and that any officer is hereby authorized for and on behalf of the City to endorse or cause to be endorsed and to deposit or cause to be deposited in such account or accounts from time to time checks, drafts, and other instruments and funds payable to or held by this corporation.

BE IT FURTHER RESOLVED by the Mountain Iron City Council, that checks, drafts and other withdrawal orders and any and all other directions and instructions of any character with respect to funds of this City now or hereafter with said Bank may be signed by any two of the following:

___________________________ ___________________________

Mayor City Administrator/Clerk

___________________________ ___________________________

Deputy Mayor Director of Public Works

and said Bank is hereby fully authorized to pay and charge to such account or accounts any checks, drafts and other withdrawal orders so signed, and to honor any directions or instructions so signed, whether or not payable to the individual order of or deposited to the individual account of or inuring to the individual benefit of any of the foregoing officers.

AND BE IT FURTHER RESOLVED by the Mountain Iron City Council, that any two of the following:

___________________________ ___________________________

Mayor City Administrator/Clerk

___________________________ ___________________________

Deputy Mayor Director of Public Works

hereby are authorized, for and on behalf of this City, at any time or from time to time to borrow money from said Bank in such amounts, for such times, at such rate or rates of interest and upon such terms as they may see fit; to execute and deliver notes or other evidences of indebtedness of this corporation therefore, and extensions and renewals thereof; to sell, assign, transfer, mortgage, pledge or otherwise hypothecate to said Bank any bills receivable, accounts, contracts, warehouse receipts, bills of lading, stocks, bonds, chattels, real estate or other property of this City as security; to give guaranties and other undertakings to said Bank; to discount with said Bank bills receivable of this City and to authorize modifications and extensions with respect thereto and to waive demand, presentment, protest and notice of dishonor; and to do, authorize and agree to any and all other things at any time or from time to time in connection with any of the foregoing as he or they may deem appropriate.

AND BE IT FURTHER RESOLVED by the Mountain Iron City Council, that said Bank shall be entitled to rely upon a certified copy of this Resolution until written notice of modification or rescission has been furnished to and received by said Bank.

DULY ADOPTED THIS 6TH DAY OF JANUARY, 2003.