14-10888r RESOLUTION NO. 10888
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS,
BANKS AND CREDIT UNIONS AS DEPOSITORIES FOR THE DEPOSIT AND INVESTMENT OF CITY
FUNDS IN 2014
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 2014.
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made and withdrawn from time to time by the Treasurer or Finance Manager as his best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 14th day of January, 2014.
ins
-bbie Goettel, Mayor
ATTEST:
)131Jr6,
Nancy Gibbs, Ci Clerk