95-8217r79
RESOLUTION NO. 8217
A RESOLUTION DESIGNATING TWIN CITY FEDERAL SAVINGS AND LOAN
AS A DEPOSITORY FOR THE INVESTMENT OF CITY FUNDS IN 1995
WHEREAS, pursuant to Minnesota Statutes, .Section 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 covering such deposits, which insurance presently amounts
to $100,000, unless amount is 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.
NOW, THEREFORE, BE iT RESOLVED by the City Council of the City
of Richfield, Minnesota, as follows:
1. That Twin City Federal Savings and Loan, Marquette at 8th
Street, Minneapolis, Minnesota, be designated as an official
depository for City funds for 1995.
Passed by the City Council of the City of Richfield, this 3rd
day of January, 1995.
ATTES~
Thomas P. Ferber City Clerk
_.._
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Martin J. it h Mayor