94-8093r50
RE90IxTPION N0. 8093
RE90I~TPIaN DFSIQ~TIldG N~1FSR B~ArIIC I~II~iE90-1'A, NII~I
A DEP06ITOfftY Fit THE IIVVESJ.~iS ~' CITY FZI~IDIS IId 1994
pursuant to Mi~esota Statutes, Sections 475.66 and 118.005, municipal
funds may be deposited in any sa~virygs aryl loan association which has its deposits
instu~ad by the Federal Savirygs and Loan Insurar~oe Corporation, and
the a~~otmt of said deposits may not exceed FSLIC insurarx7e oareriryg
such deposits, which insurance presently amoiuzts to $100,000, unless ama~uZts in
excess of such i:nsurarx~e coverage is covered by additional collateral pledged to the
City, and
SFAS, the deposit of City funds in savings and loan as.9ociations and banks
would provide greater flexibility in the City's imrestment program and maximize
interest irx~ome thereon.
G~~tFAS, there shall be maintained a daily interest general. rhec3cirx3 acc~ant in
which shall be deposited all marries for the city licenses. Checks on this account
shall be signed by the following officers or their facsimile signatures:
J~ D. PfiOSSER, CITY NWNA~
STEVEN L. DEVICH, TREASURE~t
NOW, TFE, HE IT RE"90LVED by the City Carux•,il of the City of Richfield,
Miru~esota, as follows:
1. That Norwest Bank Minnesota, NA, 6445 Nicollet, Richfield,
Miru'~esota be designated as official depository far City funds
in 1994.
Passed by the City Cotu~cil of the City of Richfield, this 3rd day of
Jarnxaiy, 1994. .~
Martin J. Mayor'
ATTEST:
~~ ~'~~~
Thomas P. Ferber City Clerk