04-910r
84
HRA RESOLUTION NO. 910
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS
AND BANKS AS DEPOSITORIES FOR THE INVESTMENT OF HOUSING AND
REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 2004
BE IT RESOLVED, by the Housing and Redevelopment Authority of Richfield,
Minnesota:
WHEREAS, pursuant to Minnesota Statutes, Sections 118A.01-118A.06,
municipal funds may be deposited in any Savings and Loan Association or Bank which has
its deposits insured by the Federal Savings and Loan Insurance Corporation (FSLlC) or
the Federal Deposit Insurance Corporation (FDIC); and
WHEREAS, the amount of said deposits may not exceed the FSLlC/FDIC
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 2004.
2. It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous investments of 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 the Housing and
Redevelopment Authority.
3. The Treasurer and Finance Manager are hereby authorized to deposit Housing
and Redevelopment Authority funds in various depositories 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 City, payable to the Housing and Redevelopment
Authority of Richfield on the signatures of the Housing and Redevelopment
Authority Treasurer or Finance Manager. Such deposits may be made and
withdrawn from time to time by the Treasurer or Finance Manager as his best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 of the Housing and
Redevelopment Authority regarding the investment of Housing and
Redevelopment Authority funds. //~
Adopted by the Housing and Redevelopment Autho~jty otRichfield, Minnes6ta this 20th day
of January, 2004. \// // , / /
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Thomas E. Harms, Chair
ATTEST:
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Ktistaf Stokes, Secretary