04-911r
85
HRA RESOLUTION NO. 911
RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF
HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 2004
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 of Richfield 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, in accordance with Minnesota Statutes, Sections
118A.01 - 118A.06, 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 of Richfield funds that
certain financial institutions be designated as additional depositories for Housing
and Redevelopment Authority of Richfield funds for 2004.
2. The following financial institutions designated as depositories for the Housing and
Redevelopment Authority of Richfield funds:
Dain Rauscher, Inc.
Wells Fargo Brokerage Services
N.A. Investment Services, Inc.
3. The Treasurer and Finance Manager are hereby authorized to deposit the
Housing and Redevelopment Authority of Richfield 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 Such deposits may be made and withdrawn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 judgment and as the
interest of the Housing and Redevelopment Authority of Richfield dictates.
Morgan Stanley Dean Witter
Morgan Keegan
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.
Adopted by the Housing and Redevelopment Authorit'VO'1JRichfield, Min'lesota this 20th
day of January, 2004. . /./r.. .. / / '
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Thomas E. Harms, Chair
ATTEST:
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Kristal Stokes, Secretary