07-9875r
RESOLUTION NO. 9875
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS
BANKS AND CREDIT UNIONS AS DEPOSITORIES FOR THE DEPOSIT AND
INVESTMENT OF CITY FUNDS IN 2007
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 2007.
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 City Manager and Finance Manager are hereby authorized to deposit City
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, payable to the City of Richfield on the signatures of
the City Manager or Finance Manager. Such deposits may be made and
withdrawn from time to time by the City Manager or Finance Manager as his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 2nd day of
January, 2007.
D~'~
Debbie Goettel, ayor
ATTEST:
~
~tyClerk