1998 HRA Resolution 0654
HRA RESOLUTION NO. 654
RESOLUTION DESIGNATING CERTAIN SAVINGS AND LOAN
ASSOCIATIONS AND BANKS AS DEPOSITORIES FOR THE INVESTMENT
OF THE HOUSING AND REDEVELOPMENT AUTHORITY FUNDS IN 1998
WHEREAS
, pursuant to Minnesota Statutes, Section 475.66 and 118.005,
municipal funds may be deposited in any Savings and Loan Association which has its
deposits insured by the Federal Savings and Loan Insurance Corporation; and
WHEREAS
, the amount of said deposits may not exceed the Federal Savings
and Loan Insurance Corporation insurance covering such deposits which insurance
amount is presently $100,000; and
WHEREAS
, the deposit of Housing and Redevelopment Authority funds in
Savings and Loan Associations and Banks would provide greater flexibility in the
Housing and Redevelopment Authority’s 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
Savings and Loan Association and Banks be designated as additional
depositories for Housing and Redevelopment Authority funds for 1998.
2.The following Savings and Loan Associations and Banks are hereby
designated as additional depositories for Housing and Redevelopment
Authority funds:
Norwest Bank Minnesota, NA
6445 Nicollet Avenue South
Richfield, Minnesota 55423
Richfield Bank & Trust Company
6625 Lyndale Avenue South
Richfield, Minnesota 55423
Twin City Federal Banking and Savings
3330 West 66th Street
Edina, Minnesota 55435
HRA Resolution No. 654-2-
3.It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous investment of the
Housing and Redevelopment Authority funds and that such designation is not
exclusive nor does it preclude the deposit of any Housing and
Redevelopment Authority funds in other officially designated depositories of
a Housing and Redevelopment Authority.
4.The Treasurer and Finance Manager are hereby authorized to deposit
Housing and Redevelopment Authority funds in any or all of the depositories
herein designated up to the amount of $100,000, or such other amount as
may be subsequently permitted by law, such deposits to be in the form of
demand accounts for Public Unit Savings Certificates purchased by the
Housing and Redevelopment Authority of Richfield, payable to the Housing
and Redevelopment Authority of Richfield on the signatures of the Treasurer
or Finance Manager.
Passed by the Housing and Redevelopment Authority of Richfield, Minnesota
this 20th day of January, 1998.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary