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HRA RESOLUTION NO. 799
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS
AND BANKS AS DEPOSITORIES FOR THE INVESTMENT OF HOUSING AND
REPE,VELQPMENT AUTHORITY OF RICHFIELD FUNDS IN 2001
BE IT RESOLVED, by the Housing and Redevelopment Authority of Richfield,
Minnesota
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WHEREAS, pursuant to Minnesota Statutes, Sections 118A.01 -118A.06,
municipal funds may be deposited in any Savings and Loan Association or Bank which
has its deposits insured by the Federal Savings and Loan Insurance Corporation
(FSLlC) or the Federal Deposit Insurance Cqrporation (FDIC); and
WHEREAS, the amount of said deposits may not exceed the FSLlC/FDIC
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 2001.
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 $100,000, or such other amount as may be subsequently permitted
by law, such deposits to be in the form of demand accounts for Public Unit
Savings Certificates purchased by the City, 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be made and withdrawn from time to time by the Treasurer or Finance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 Authorit
day of January, 2001.
t Richfield, Minnesota this 16th
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Thomas E. Harms, Chair