97-8429r
4
RESOLUTION NO. 8429
RESOLUTION DESIGNATING CERTAIN SAVINGS AND LOAN
ASSOCIATIONS AND BANKS AS DEPOSITORIES FOR THE INVESTMENT
OF CITY FUNDS IN 1997
BE IT RESOLVED, by the City Council of City of Richfield, Minnesota as follows:
WHEREAS, pursuant to Minnesota Statutes, Section 475.66 and 118.005,
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 Corporation (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 City funds in Savings and Loan Associations and Banks
would provide greater flexibility in the City's investment program and maximize interest
income thereon.
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 Savings and Loan Association and
Banks be designated as additional depositories for City funds for 1997.
2. It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous investments 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 $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 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 Such deposits may be made and withdrawn from time to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.
Resolution No. 8429
-2-
5. The following investment firms are being used to service depositories outside
the metropolitan area:
A VD Investments
29428 Wanamaker Drive
Topeka, Kansas 66614
Kansas National Investments
29428 Wanamaker Drive
Topeka, Kansas 66614
Adopted by the City Council of the City of Richfield, Minnesota this 2nd day of January,
1997.
77?~-~ U
Martin J. Kirsch, ayor
ATTEST:
~krmaJ) P ~j~_,
Thomas P. Ferber, City Clerk