12-10600r RESOLUTION NO. 10600
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS,
BANKS AND CREDIT UNIONS AS DEPOSITORIES FOR THE DEPOSIT AND
INVESTMENT OF CITY FUNDS IN 2012
BE IT RESOLVED, by the City Council of City of Richfield, Minnesota
WHEREAS, pursuant to Minnesota Statutes, Sections 118A.01 — 118A.06,
municipal funds may be deposited in any Savings and Loan Association, Bank or Credit
Union which has its deposits insured by the Federal Deposit Insurance Corporation
(FDIC) or the National Credit Union Administration (NCUA), and
WHEREAS, the amount of said deposits may not exceed the FDIC/NCUA
insurance covering such deposits which insurance amount is presently $250,000, and
WHEREAS, the deposit of City funds in Savings and Loan Associations and
Banks would provide greater flexibility in the City's investment program and maximize
interest income thereon, and
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Richfield, Minnesota, as follows:
1. It is hereby found and determined that it is in the best interest of the proper
management of City funds that various banks be designated as additional
depositories for City funds for 2012.
2. It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous deposit and
investment of City funds and that such designation is not exclusive nor does it
preclude the deposit of any City funds in other officially designated
depositories of the City.
3. The Treasurer and Finance Manager are hereby authorized to deposit City
funds in various depositories up to the amount of$250,000, or such other
amount as may be subsequently permitted by law, such deposits to be in the
form of demand accounts, payable to the City of Richfield on the signatures of
the City 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withdrawn from time to time by the Treasurer or Finance Manager as his best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 City dictates.
4. The investment of funds and the reporting thereof pursuant to this resolution
shall be conducted in accordance with established policies of the City
regarding the investment of City funds.
Adopted by the City Council of the City of Richfield, Minnesota this 10th day of
January, 2012.
Pat Elliott, Mayor Pro Tempore
ATTEST:
Jj4./(AA
Nancy Gjs, City Clerk