95-8218rRESOLUTION NO. 8218
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND LOAN
ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF CITY FUNDS IN 1995
BE IT RESOLVED by the City Council of the 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 (FSLIC) or the Federal
Deposit Insurance Corporation (FDIC), and
WHEREAS, the amount of said deposits may not exceed the
FSLIC/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
interests of the proper management of City funds that
various Savings and Loan Associations and Banks be
designated as additional depositories for City funds for
1995.
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 by 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be made and withdrawn from time to time by the Treasurer or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/her best judgement 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.
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Resolution No. 8218
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5. The following investment firms are being used to service
depositories outside the metropolitan area:
Adams-Van Dyke Kansas National Investments
2932B Wanamaker Drive 5845 Southwest 29th
Topeka, Kansas 66614 Topeka, Kansas 66614
Passed by the City Council of the City of Richfield this 3rd
day of January, 1995.
~~~~ ..
Martin J. K r ch Mayor
ATTEST:
~L~~1 ~ ~-~=~
Thomas P. Ferber City erk