96-8325r
98
RESOLUTION NO. 8325
RESOLUTION DESIGNATING CERTAIN SAVINGS AND LOAN
ASSOCIATIONS AND BANKS AS DEPOSITORIES FOR THE INVESTMENT
OF CITY FUNDS IN 1996
BE IT RESOLVED, by the City Council of City of Richfield, Minnesota
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 1996.
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 of 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 Such deposits may be made and withdrawn from time to time by the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.
5. The following investment firms are being used to service depositories outside the
metropolitan area:
A VD Investments
2942B Wanamaker Drive
Topeka, Kansas 66614
Kansas National Investments
2942B Wanamaker Drive
Topeka, Kansas 66614
Resolution No. 8325
-2-
Adopted by the City Council of the City of Richfield, Minnesota this 8th day of Ja ary,
1996. '
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ATTEST:
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Thomas P. Ferber, City Clerk