1998 HRA Resolution 0697
HRA RESOLUTION NO. 697
RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF
HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 1999
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 1999.
2.The following financial institutions designated as depositories for Housing and
Redevelopment Authority funds:
Richfield Bank and Trust CompanyPiper,Jaffray & Hopwood
DainRauscher, Inc.Juran & Moody, Inc.
Norwest Investment ServicesMiller Schroeder Financial, Inc.
Morgan Stanley Dean Witter
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 Such deposits may be made and withdrawn from time to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 Managers best judgement 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 Authority of Richfield, Minnesota this
21st day of December 1998.
Thomas E. Harms, Chairman
ATTEST:
Michael Sandahl, Secretary