1998 HRA Resolution 0698
HRA RESOLUTION NO. 698
RESOLUTION DESIGNATING CERTAIN SAVINGS AND LOAN
ASSOCIATIONS AND BANKS AS DEPOSITORIES FOR THE INVESTMENT
OF THE HOUSING AND REDEVELOPMENT AUTHORITY FUNDS IN 1999
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, NARichfield Bank & Trust Company
6445 Nicollet Avenue South6625 Lyndale Avenue South
Richfield, Minnesota 55423Richfield, Minnesota 55423
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 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
21st day of December, 1998.
Thomas E. Harms, Chairman
ATTEST:
Michael Sandahl, Secretary