94-8095rRE590LUTIQri N0. 8095
A RE50I~ION DFSIC~~IT'IIVG C~AIId SAVINGS ADID LQAN
ASSOCIAT'IDr15 ArID BAM~.S AS
F~OH THE IIVVFS'ii~IV'P ~ CITY FII~ID6 Il~ 1994
BE IT RE90LVED by the City Cau~Cil of the City of Richfield, MCinr~esota
~S, pursuant to Minnesota Statutes, Section 475.66 and 118.005, miuiicipal
funds may be deposited in arty Savings and Loan Association ar' Bank which has its
deposits insured by the Federal Savings and Loan Insurance Corporation (FSLIC) or
the Federal Deposit Insurance Corporation (FDIC), and
In~~ItFAS, the amotmt of said deposits may not exceed the FSLIC/FDIC insurance
covering such deposits which insurance amount is presently $100, 000,.. and
the deposit of City funds in Savings and Loan Associations and Banks
would provide greater flexibility in the City's imrestment program and maximize
interest inoo[ne thereon.
NOW, TF~O~2E, SE IT RF50LVED by the City Cotmcil of the City of Richfield,
Minnesota, as followst
1. It is hereby found and determined that it is in the best
interests of the ..proper ~t of City funds that
various Savings and Loan Associations and Banks be designated
as additional depositories for City funds far 1994.
2. It is further fourxi and determined that the purpose of such
depository designation is to facilitate the proper and advantageous imnest-
ments 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 Fin~aryoe Manager are hereby authorized to deposit City
furx~s in various depositories up to the amount of $100,000, or such other
atronuit as may be subsequently permitted by law, such d~osits to be in the
form of demand accounts for Public Unit Savings Certificates purr.Y~9ed by
the City, payable to the City of Richfield on the signatures of the City
Treasurer or Finance Marn~ger. Such deposits may be made and withdrawn from
time to time by the Treasurer or Finance Manager as his/hex best ~udganent
and the interests of the City dictates.
52
4. The ~t of funds and the reporting thereof ~ ~ ant to
this resolution shall be conducted in aooorr3arx~e with established
policies of the City rega_~? ng the ir~stmPnt of City funds.
Resolution No. 8095
-2-
5. The following imnestm~.nt firms are being used toservice depositories
axtside the metropolitan area.
Adams-van Dyke
2932B Wa:.Qi~~'R..~. Drive
Zbpeka, Kansas 66614
Kansas National Investments
5845 Southxaest 29th
Zbpeka, Kansas 66614
Finairial Securities
100 Passaic Avenue
Fairfield,. New Jersey 07004
Passed by the City Council of the City of Richfield this 3rd day of
Janttazy, 1994.
ATTEST:
~ ~., f
Martin J. Mayan
~~~ ~ ~~~
Thanas P. Ferber City Clerk