01-03-95 agendaC�
CITY OF RICHFIELD, MINNESOTA
TUESDAY, JANUARY 3, 1995
SPECIAL CITY COUNCIL MEETING
7:00 P.M.
COUNCIL CHAMBERS
AGENDA
CALL TO ORDER
PLEDGE OF ALLEGIANCE
1. OATH OF OFFICE TO MAYOR MARTIN J. KIRSCH
2. OATH OF OFFICE TO COUNCIL MEMBER AT -LARGE MICHAEL SANDAHL
3. DESIGNATION OF MAYOR PRO TEMPORE FOR 1995
COUNCIL LETTER NO. 1
4. DESIGNATION OF OFFICIAL DEPOSITORIES FOR 1995
COUNCIL LETTER NO. 2
5. DESIGNATION OF OFFICIAL NEWSPAPER FOR 1995
COUNCIL LETTER NO. 3
6. DESIGNATION OF ACTING'CITY MANAGER FOR 1995
COUNCIL LETTER NO. 4
ADJOURNMENT
Auxiliary aids for individuals with disabilities are available
upon request. Requests must be made at least 96 hours in advance
to the Administrative Services Director at 861 -9702.
CITY OF RICHFIELD, MINNESOTA
Council Letter No. 1
Agenda January 3, 1995
Issue Statement:
Council designation of Mayor Pro Tempore.
Background:
It is necessary to designate a Council Member to serve as the
Mayor Pro Tempore for those times when the Mayor is absent from
the City.
Past Mayor Pro Tempores include:
1994 Mike Sandahl
1993 Mike Sandahl
1992 William Bullock
Recommended Motion:
Designate a Council Member to serve as Mayor Pro Tempore for
1995.
Basis of Recommendation:
1. This appointment is necessary to ensure continuation of City
operations during an absence of the Mayor.
• Alternative Recommendation:
1. Defer this appointment to a later Council meeting.
Discussion /Decision Mode:
This item as been placed on the January 3, 1995 Council agenda
for Council consideration.
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Respectfully Aubmitted,
James V. Prosser
City Manager
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CITY OF RICHFIELD, MINNESOTA
Council Letter No. 2
Agenda January 3, 1995
Issue Statement:
Resolutions designating official depositories for the City of
Richfield for 1995, including the approval of collateral.
Background:
In accordance with Minnesota Statutes Section 475.66 and 118.005,
the City of_Richfield must designate financial institutions
annually. The institutions must pledge the collateral over and
above the amount of federal insurance, as public depositories.
For the year 1995, two institutions have fulfilled this
requirement and will be considered as depositories for the City's
Deputy Registrar, payroll and vendor accounts and all savings
deposits in excess of $100,000. They are Richfield Bank and
Trust Company, pledging collateral of $1,667,031; and Firstar
Bank of Richfield, pledging collateral of $1,000,000; Norwest
Bank Minnesota and Twin City Federal are also official
depositories for the City, however, balances in these
institutions do not exceed $100,000 and thus collateral is not
required. Resolutions.designating these institutions as official
depositories are attached to the Council Letter.
SRichfield Bank & Trust, Firstar Bank, and Twin City Federal have
all received a community reinvestment rating of "satisfactory."
Norwest Bank has received a community reinvestment rating of
"outstanding." Some of the factors considered when the
institutions are evaluated are community marketing, workshops,
contributions, housing /small business loan programs, and
community education.
Another resolution must be provided annually, designating certain
savings and loan associations and banks as official depositories
for investment of certain City funds. With approval of these
official depositories, the City will be able to invest funds in
these institutions, not exceeding the federal insurance of
$100,000.
Recommended Motion:
It is recommended that the City Council adopt the attached
resolutions designating official depositories, with the
understanding that the City could not invest in any of the
depositories beyond the level of insurance coverage of the
pledged collateral.
Basis of Recommendation:
1. The City is required by Minnesota Statute 475.66 and
118.005, to designate as a depository of funds, insured
banks or thrift institutions as defined in Section 518.01,
Subdivision 3, Minnesota State Statutes. Any collateral so
deposited is'accompanied by an assignment pledged to the
City in the amount specified in the attached resolutions.
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2. The City has worked with
the past and has found to
with these institutions.
the institutions recommended in
have a good working relationship
Alternative Recommendation:
The City Council could solicit other financial institutions for
official depositories, but past relationships with the
depositories recommended have proven satisfactory for the City.
Discussion /Decision Mode:
Action of the City Council is desirable at the January 3, 1995,
City Council meeting so that the City may invest funds in the
approved financial institutions for the year 1995 immediately.
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Resp ly submitted,
Jame D. Prosser
City pager
RESOLUTION NO.
DEPOSITORY OF I D OF 1 CITY OF r 1 E1 / FOR THE YEAR
1995 MM APPROVI14G ' COLLATERAL
BE IT RESOLVED by the City Council of the City of Richfield as follows:
That, in accordance with Minnesota Statues, Section. 475.66 and 118.005, the
Richfield Bank and Trust Company be, and hereby is designated a depository of the
funds of the City of Richfield, subject to modification and revocation at any time
by said City, and subject to the following terms and conditions:
The said depository shall not be required to give bonds or other securities for
such deposits provided that the total sun thereof shall not at any time exceed in
any depository the sums for which its deposits are insured Linder the Acts of
Congress of the United States relating to insurance of bank deposits; but that in
case such deposits in any such depository shall at any time exceed such insured sum,
said depository shall immediately furnish bonds or other security for such excess
according to law, approved by,-the City Council of said City.
That said depository shall pay on demand all deposits therein; and shall pay
all time deposits, at or after the end of the period for which the same shall be
deposited, on demand.
BE IT FURTHER RESOLVED, that there shall be maintained a general account in
which shall be deposited all monies from the water, sewer, and storm sewer
operations and not otherwise specifically provided for. Checks on this aeoouuit
shall be signed by the following officers or their facsimile signatures:
JAMES D. PROSSER, CITY K* AGER
STEVEN L. DEVICH, TREASURER
BE IT FURTHER RESOLVED, that there shall be a daily interest, savings account.
All withdrawals from said account will be for transfers to the general checking
account.
BE IT FURrBER RESOLVED, that collateral in the amount $1,667,031, is deposited
for safekeeping at the Federal Reserve Bank of Minneapolis, is hereby ap =mmed.
Passed by the City Council of the City of Richfield this 3rd day of January,
1995.
Martin J. Kirsch Mayor
ATTEST:
Thomas P. Ferber City Clerk
RESOLUTION NO.
RESOLUTION DESIGNATnVv TEM FIRSTAR i -• i r
A DEPOSITORY OF FUNDS OF THE CITY OF RICE=D FOR THE YEAR
1995 AND APPROVIM COLLATERAL
BE IT RESOLVED by the City Council of the City of Richfield as follows:
That, in accordance with Minnesota Statues, Section 475.66 and 118.005, the Firstar
Bank - Richfield be, and hereby is designated a depositary of the funds of the City of
Richfield, subject to modification and revocation at any time by said City, and subject
to the following terms and conditions:
The said depository shall not be required to give bonds or other securities for such
deposits provided that the total sum thereof shall not at any time exceed :m any
depository the sums for which its deposits are insured under the Acts of Congress of the
United States relating to Wince of bank deposits; but not in case such deposits in
any such depository shall at any time exceed such insured sum, said depository shall
immediately furnish bonds or other security for such excess according to law, approved
by the City Council of said City.
That said depository shall pay on demand all deposits therein; and shall pay all time
deposits, at or after the end of the period for which the same shall be deposited, on
demand.
BE IT FURTHER RESOLVED, that there shall be maintained a general account in which
shall be deposited all monies from liquor, golf, swiinmirxg pool /ice arena operations and
"ty permits. Checks on this account shall be signed by the following officers or their
_acsimile signatures:
JAMES D. PRO6SER, CITY MMGER -
STEVEN L. DEVICH,.TREASURER
BE IT FURTEM RESOLVED, that there shall be maintained a city payroll account. There
shall be issued a single check biweekly for an amount equal to the biweekly city
payroll, payable to the Treasurer for deposits- in such payroll account. Thereafter, the
Treasurer is authorized to issue payroll checks o, said accounts for all wages or
salaries included in said biweekly payroll.
BE IT FURTFE2 RESOLVED, that there shall be a daily interest bearing checking
account. All interest earned shall be transferred to the Investrent Trust Fund.
BE IT FURTBEt RESOLVED, that collateral in the amount $1,000,000, is deposited for
for safekeeping at the Firstar Bank - Milwaukee, Wisconsin is hereby approved.
Passed by the City Council of the City of Richfield this 3rd day of January 1995.
Martin J. Kirsch Mayor
ATTEST:
#a'nas P. Ferber City Clerk
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tnIIs, pursuant to Minnesota Statutes, Sections 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
WHEFUMS, the amount of said deposits may not exceed FSLIC insurance covering
such deposits, which insurance presently amounts to $100,000, unless amounts in
excess of such insurance coverage is covered by additional Collateral pledged to the
City, and
4, the deposit of City funds in savings and loan associations and banks
would provide greater flexibility in the City's investment program and maxi=ze
interest income thereon.
(nHEREn.S, there shall be maintained a daily interest general checking account in
which, shall be deposited all monies for the city limos. Checks on this account
shall be signed by the following officers or their facsimile signatures:
JAMES D. PROSSER, CITY KV9GER
STEVEN L. DEVICH, TREASURER
NOW, FORE, BE IT RESOLVED by the City Council of the City of Richfield,
• Minnesota, as follows:
1. That Norwest Bank Minnesota, NA, 6445 Nicollet, Richfield,
Minnesota be designated as official depository for City funds
in 1995.
Passed by the City Council of the City of Richfield, this 3rd day of
January, 1995.
ATTEST:
Thomas P. Ferber City Clerk
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Martin J. Kirsch Mayor
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RESOLUTION NO.
A RESOLUTION DESIGNATIM TWIN QTY FEDERAL SAVINGS AND IRAN
AS A DEPOSITORY FOR THE INVESTHE T OF CITY FUNDS IN 1995
mmums, pursuant to Minnesota Statutes, Section 475.66 and 118.005, nanicipal
funds may be deposited in any savings and loan association which has its deposits
insured by the Federal Savings and Loan Insurance Corporation, and
UMUMS, 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
kMUMS, 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 Qx=-il 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,
0 1995.
ATTEST:
Thomas P. Ferber City Clerk
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Martin J. Kirsch Mayan'
RESOLUTION NO.
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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'surh 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, SORE, 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 invest-
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 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 be 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 fran
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. -2-
5. The following investment finis- are being used to service depositories
outside the metropolitan area.
Adams -Van Dyke Kansas National Investments
2932B Wanamaker Drive 5845 Scuthxaest 29th
Topeka, Kansas 66614 Topeka, Kansas 66614.
Passed by the City Council of the City of Richfield this 3rd day of
January, 1995.
ATTEST:
Thcmas P. Ferber City Clerk
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Martin J. Kirsch Mayor
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CITY OF RICHFIELD, MINNESOTA
Council Letter No. 3
Agenda January 3, 1995
Issue Statement:
Designation of official newspaper for 1995.
Background:
The Richfield Sun - Current, published by Minnesota Sun
Publications, has been the City's official newspaper for several
years.
Attached is a copy of a letter from Minnesota Sun Publications
requesting that they be designated the official newspaper for the
City of Richfield for 1995. The 1995 legal advertising rate is
6% higher than the 1994 rate.
The rate structure for legals is as follows:
1 Column width
$1.02 per line - first insertion ($11.22 per inch)
$0.51 per line - subsequent insertions ($5.61 per inch)
2 Column width
$2.04 per line - first insertion ($22.44 per inch)
$1.02 per line - subsequent insertions ($11.22 per inch)
0 The City submits legal notices to the Sun Newspaper on diskettes,
therefore qualifying for a 15% rate discount.
Recommended Motion:
Designate the Richfield Sun - Current as the official newspaper for
the City of Richfield for the year 1995.
Basis of Recommendation:
1. The paper is delivered to each residence in the City, thereby
providing City -wide coverage of legal notices to residents.
2. The paper has served well as the official newspaper for
several years.
3. The paper has expressed a desire to continue to provide this
service.
4. The newspaper is in close proximity to City offices if it is
necessary to hand deliver legal notices before publication
deadlines.
5. The cost for legal publications is reasonable.
Alternative Recommendation:
• 1. Not make a designation and request the City Clerk's office to
check into using another publication, such as the Minneapolis
StarTribune, however, this would be much more costly.
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Discussion /Decision Mode:
The City publishes legal notices on a frequent basis, therefore,
this item has been placed on the January 3, 1995 City Council
agenda so that a designation can be made for 1995.
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Respe ly submitted,
Jame Prosser
City M nager
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CITY OF RICHFIELD, MINNESOTA
Council Letter No. 4
Agenda January 3, 1995
Issue Statement:
Council designation of Acting City Manager.
Background:
It is necessary to designate a person to serve as the Acting City
Manager for those times when the City Manager is absent from the
City. The Director of Administrative Services has previously
been designated as the Acting City Manager.
Recommended Motion:
Designate Steven L. Devich, Director of Administrative Services,
as the Acting City Manager.
Basis of Recommendation:
1. This appointment is necessary to ensure continuation of City
operations during the absence of the City Manager.
Alternative Recommendation:
1. Defer this appointment to a later Council meeting.
Discussion /Decision Mode:.
This matter has been placed on the January 3, 1995 Council agenda
for Council consideration.
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submitted,
sser
City Manager