1998 HRA Resolution 0653
HRA RESOLUTION NO. 653
RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF
HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 1998
WHEREAS
, the Housing and Redevelopment Authority of Richfield has money
which is available for investment; and
WHEREAS
, different financial institutions offer different rates of return on
investments; and
WHEREAS
, the Housing and Redevelopment Authority of Richfield shall purchase
U. S. Treasury Bills, U. S. Treasury Notes and other such government securities in the
manner required by law from the institution offering the highest rate to the Housing and
Redevelopment Authority providing greater flexibility in the investment program and
maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED
, by the Housing and Redevelopment
Authority of Richfield, Minnesota, as follows:
1.It is hereby found and determined that it is in the best interest of the proper
management of Housing and Redevelopment Authority funds that certain
financial institutions be designated as additional depositories for Housing and
Redevelopment Authority funds for 1998.
2.The following financial institutions designated as depositories for Housing and
Redevelopment Authority funds:
Richfield Bank and Trust Company
Dain Bosworth, Inc.
Norwest Investment Services
Piper, Jaffrey & Hopwood
Juran & Moody, Inc.
3.The Treasurer and Finance Manager are hereby authorized to deposit
Housing and Redevelopment Authority funds in any or all of the depositories herein
designated. Such deposits may be made and withdrawn from time to time by the
Treasurer or Finance Manager’s his best judgment and the interests of the Housing and
Redevelopment Authority dictates.
4.The investment of funds and the reporting thereof pursuant to this resolution
shall be conducted in accordance with established policies regarding the investment of
these funds.
Passed by the Housing and Redevelopment of Richfield, Minnesota this 20th day
of January, 1998.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary