94-8094r51
RF~OLUi'ION 1V0. 8094
A R~OII~IDri DESIC~~ITIIVG TWIId QTY FIDIIiAL SA~TaiGS ANID LOAN
AS A DEP06ITORY ~ TIC: II~iVFS!'N~1V'P OF CITY F'~I~IDS IId 1994
5, pursuant to Minnesota Statutes, Section 475.66 and 118.005, mtanicipal
furx~s may be deposited in arty savings ar~d loan association which has its d~osits
insured by the Federal Savings and Loan Ir~iranoe Corporation, arxi
(n~~tFAS, the amotant of said deposits may not exceed FSLIC insurance oarexiryg
such deposits, which insurar~oe presently amaurts to $100,000, unless ant is
excess of such insurarx7e oaverage is eo~rered by additional collateral pledc,}ed to
the City, and
Tn~~RFAS, the deposit of City furrLs ~in savings and loan associations and banks
would p~+ovide greater flexibility in the City's investment program and maximize
interest iryoome ther+eori.
NOW, ZiE, B~ IT RESOLVID by the City Cauril of the City of Richfield,
Minnesota, as follows:
1. That Rain City Federal Savings and Lflan, Marquette at 8th Street,
Minneapolis, Minnesota, be designated as an official depository
for City funds for 1994.
Passed by the City Ca~u~cil of the City of Richfield, this 3rd day of January,
1994.
ATTEST:
~~~'/ ~ _
Martin J. Mayor
~~,.I~~~~ ~~~.~~-~ s
Ttnrnas P. Ferber Gity Clerk