95-8216r78
RESOLUTION NO. 8216
RESOLUTION. DESIGNATING NORWEST BANK MINNESOTA, NA
A DEPOSITORY FOR THE INVESTMENTS OF CITY FUNDS IN 1995
WHEREAS, pursuant to Minnesota Statutes, Sections 475.66 and
118.005, municipal funds may be deposited in any savings and loan
association which has its deposits insured by the Federal Savings
and Loan Insurance Corporation, and
WHEREAS, the amount of said deposits may not exceed FSLIC
insurance cowering such deposits, which. insurance presently amounts
to $100,000, unless amounts in excess of such insurance coverage is
covered by additional collateral pledged to the City, 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.
WHEREAS, there shall be maintained a daily interest general
checking account in which shall be deposited all monies for the
city licenses. Checks on this account shall be signed by the
following officers or their facsimile signatures:
JAMES D. PROSSER, CITY MANAGER
STEVEN L. DEVICH, TREASURER
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Richfield, Minnesota, as follows:
1. That Norwest Bank Minnesota, NA, 6445 Nicollet, Richfield,
Minnesota be designated as official depository for City
funds in 1995.
Passed by the City Council of the City of_ Richfield, this 3rd
day of January, 1995.
~`
Thomas P. Ferber City C1 rk
~~G~ ~ . -
Martin J. irs h Mayor