12-1116r HRA RESOLUTION NO. 1116
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS, BANKS
AND CREDIT UNIONS AS DEPOSITORIES FOR THE INVESTMENT OF HOUSING AND
REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 2012
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, Bank or Credit Union which has its deposits insured
by the Federal Deposit Insurance Corporation (FDIC), or 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 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 2012.
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$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 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Such deposits may be made and withdrawn from time to time by the Treasurer or Finance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 Authority of Richfield, Minnesota this 17th day of January,
2012.
�Lrai. / ' 7 /
Suz- fe M. Sandahl, Chair
ATT• T: ,
Doris Rubenstein, Secretary