07-1007r
RESOLUTION NO. 1007
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 2007
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 Savings and Loan Insurance
Corporation (FSLlC), the Federal Deposit Insurance Corporation (FDIC), or National Credit
Union Administration (NCUA); and
WHEREAS, the amount of said deposits may not exceed the FSLlC/FDIC/NCUA
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 200?
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 Executive Director 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, payable to the
Housing and Redevelopment Authority of Richfield on the signatures of the
Housing and Redevelopment Authority Executive Director or Finance Manager.
Such deposits may be made and withdrawn from time to time by the Executive
Director 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 16th day
. of January, 2007. 1 ~ jJ 1./1
~,~. j//f ~{/
Su e M. Sandahl, Chair
ATTEST:
~~c:v~
Donna Drummond, Secretary