1-2-91 agendaCITY OF RICHFIELD, MINNESOTA
Council Letter No. 3
Agenda January 2, 1991
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 for Recommendation:
1. This appointment is necessary to insure 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 2, 1991 council agenda
for council consideration.
Respec lly submitted,
Jam s D. Prosser
Cit Manager
JDP:ds
4
CITY OF RICHFIELD, MINNESOTA
Council Letter No. 2
Agenda January 2, 1991
Issue Statement:
Resolutions designating official depositories for the City of
Richfield for 1991, 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 1991, four 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 5100,000. They are Richfield Bank and
Trust Company, pledging collateral of $1,000,000; First Western
Bank of Richfield, pledging collateral of 51,542,183; Norwest
Bank Minnesota, NA, pledging collateral of $569,934; Twin City
Federal,. pledging collateral of $343,444. Resolutions designating
these institutions as official depositories are attached to the
council letter.
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
5100,000.
Finally, a resolution is also attached which designates certain
financial institutions as depositories for the investment of city
funds for 1991. These institutions, such as investment brokerage
firms, offer government securities in the manner required by law.
These financial institutions include Marquette National Bank,
Merrill Lynch, Dain Bosworth, First Bank System Capital Markets
Group, Prudential Bache, Kidder Peabody, Norwest Investment
Services, Offerman & Company Services, Piper, Jaffray & Hopwood,
Dean Witter Reynolds Inc., Shearson Lehman Brothers/E.F. Hutton,
and State Street Bank and Trust.
Recommended Motion:
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.
.^{
~f
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.
2. The city has worked with the institutions recommended in the
past and has found to have a good working relationship with
these institutions.
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 2, 1991,
city council meeting so that the city may invest funds in the
approved financial institutions for the year 1991 immediately.
Respect ully submitted,
Ja D. Prosser
Ci Manager
JDP/eja
"-I ,~,
RESOLLlPIOd~T NO.
RFSOLUTIO~i DESI(~fTING THE RIQg'IELD BANK AMID TRUST COI~ANY
A DEPQSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YFlA~t
1991 AND APPROVIrK' OOLLATERAL
BE IT RESSOLVID by the City Council of the City of Richfield as follows:
That, in accordaix5e 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 modificatian and revoratian 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 in
any depository the sums for which its deposits are insured under' the Acts of
Corygress 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 an 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, an demand.
BE IT FURZ~R RESOLVED, that there shall be maintained a general account in
which shall be deposited all monies from golf course operations and not otherwise
specifically provided for. Checks an this amount shall be signed by the following
officers or their facsimile signatures:
JAMES D. PROSSER, CITY MANAGER
STEVEI~T L. DEVIC~E-I, TREASURER
BE IT FUR'Ii~R RFSOLVID, 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 FUR'Ii~IER RFSOLVID, that collateral in the amount $1,000,000, is deposited
for safekeeping at the Federal Reserve Bank of Minneapolis, is hereby approved.
passed by the City Council of the City of Richfield this 2nd day of January,
1991.
Martin Kirsch Mayor
ATTEST:
Thom~-is P. Ferber City Clerk
~'~
RESOLVPION NO.
RESOLVPION DESI(~TING THE FIlZS'P WESi~ZN BANK-RICHFIE~,D
A DEPOSITORY OF FiA~IDS OF THE CITY OF RICf~IEI,D FOR THE YFAR
1991 ArID APPROVIIaG 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 First
Western Bank-Richfield be, and hereby is designated a depository of the funds of the
City of Richfield, subject to modificatian and revocatian 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 spun thereof shall not at any time exceed in any
depository the sums for which its deposits are insured under the Acts of Cass of the
United States relating to insurarx7e of bank deposits; but not in case such deposits in
any such depository shall at any time exceed such insured sum, said depository shall
i[tunediately furnish bonds or other security for such excess according to law, approved
by the City Council of said City.
That said depository shall pay an demarxl 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 EUR'IHEEt RESOLVID, that there shall be maintained a general account in which
shall be deposited all monies from liquor, swimming pool/ice arena operations and city
permits. Checks an this account shall be signed by the following officers or their
facsimile signatures:
JAMES D. PROSSER, CITY MANAGFI2
STEVIIV L. DEVICH, TREASURER
BE IT FUR'I~ 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 TreasurP.r for deposits in such payroll account. Thereafter, the
Treasurer is authorized to issue payroll checks on said accounts for all wages or
salaries included in said biweekly payroll.
BE IT FURTfE;R RFSOLVID, that there shall be a daily interest bearing checking
account. All interest earryed shall be transferred to the Investment Trust Fund.
BE IT FUR'I~~R RESOLVID, that collateral in the amount $3,006, 558, is deposited for
for safekeeping at the First Wisconsin National Bank is hereby approved.
Passed by the City Council of the City of Richfield this 2nd day of January 1991.
ATTEST:
Martin Kirsch Mayor
Thomas P. Ferber City Clerk
~' `"I
RFSOLUTI~i NO.
RESOLUTION DF~SI(~TING NORWESP BANK I~IlJE50TA, NA
A DEPOSITORY FOR THE OF CITY F(A~IDS IN 1991
A1~ID APPROVING COLLATERAL
4~RFAS, 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
WHQ2IIgS, 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
in1F~S, 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 irx~ome thereon.
WHEREFf.S, there shall be maintained a daily interest general checking account in
which shall be deposited all monies for the city licenses. Checks an this account
shall be sigryed by the following officexs or their facsimile signatures:
JAMES D. PROSSER, CITY MAt~TAGER
STEVEN L. DEVIC~-I, TRFA.S[JRER
NOW, FORE, BE IT RESOLVID by the City CourLCil of the City of Richfield,
Miru~sota, as follows
1. That Norwest Bank Minnesota, NA, 6445 Nicollet, Richfield,
Miruzesota be designated as official depository for City funds
in 1991.
2. That collateral in the amount of $569,934, is deposited for
safekeeping with Federal Reserve Bank of Minneapolis.
passed, by the City Cotu~cil of the City of Richfield, this 2nd day of
January, 1991.
Martin Kirsch Mayor
ATTEST:
Thontias P. Ferber City Clerk
1 ~~/
RFSOL[TPIDTI NO.
A RE.'SOLVPION DESIGNATING TWIN CITY FEDERAL SAVIlVGS AND LOAN
AS A DEPOSITORY FOR THE II~VES'ii~IV'P OF CITY F[AVDS IN 1991
AND APPROVING OOLLATERAL
WE~.S, pursuant to Minnesota Statutes, Sectian 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
Wf~2EAS, the amount of said deposits may not exceed FSLIC insurariae covering
such deposits, which insurarx7e presently amounts to $100,000, unless amount is
excess of such insurarx~e oovpxage is covered by additional collateral. pledged to
the City, and
4~tFA5, the deposit of City funds in savings and loan associations and banks
would provide greater flexibility in the City's investment program and maX~m~ze
interest ir~eane thereon.
NOW, SORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, as follows
1. That Twin City Federal Savings and Loan, Marquette at 8th Street,
Minneapolis, Miru~esota, be designated as an official depository
for City funds for 1991.
1991.
2. That collateral in the amount of $343,444, is deposited for
safekeeping with the Federal Resexve Bank of Minneapolis, is
hereby approved.
Passed by the City Council of the City of Richfield, this 2nd day of January,
Martin Kirsch Mayor
ATTEST:
Ttxxnas P. Ferber City Clerk
y'
RFSOLUPIO~i N0.
A RF~OLUPION DESIC~iFITING CERTAIN FIl~I~FCTAT•
INSPITUPIONS AS DEPOSITORIFS FOR T!~ IlWESTNIEIV'P
OF CITY FIl~ID.S IN 1991
4d~RF.AS, the City of Richfield has money which is available for investment, and
in~RFAS, different fi~~:ial institutions offer different rates of return an
investments, arr3
4JEmZEAS, the City of Richfield shall purohase U.S. Treasury Bills, U.S.
T~ Notes and other such goverment securities in the manner required by
Minnesota Statutes, Sectian 475.66 and 118.005 from the institutian offering the
highest rate to the City providing greater flexibility in the City's investment
program and maxim; ze interest ineo[[ie t-l~ereon.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Miru'~esota, as follows
1. It is hereby found and determined that it is in the best interests of .the
the proper management of City funds that certain fina*,r-ial institutions
be designated as additional depositories for City funds for 1991.
2. The following f;nanr.;al institutions designated as depositories for
municipal funds:
Marquette National Bank
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Dain Bosworth, Inc.
First Bank System Capital Markets Group
Prudential -Bache
Kidder, Peabody & Company
Norwest Investment Services
Offertnan & Company Services
Piper, Jaffrey & Hop~aood
Dean Witter Reynolds Inc.
Shearsan LeYunan Brothers/E. F. Huttan
State Street Bank & Trust, Trust for Short-Term U.S. Government Securities
1991.
3. The Treasurer is herF.by authorized to deposit City funds in any or all of
the depositories herein designated. Such deposits may be made and with-
drawn fran time to time by the Treasurer as his/her best judgement and the
the interest of the City dictates.
4. The investment of funds and the reporting thereof pursuant to this reso-
lutian shall be conducted in acaordanee with established policies of the
City regarding the investment of City funds.
Passed by the City Council of the City of Richfield, this 2nd day of January,
Martin Kirsch Mayor
ATTEST
Thomas P. Ferber City Clerk
U-7
RESOLVrION N0.
A RFSOLLTPION DESIGNATING GAIN SAVINGS AMID IRAN
ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE IlVVES7.i~1T OF CITY FiA~IDS IN 1991
BE IT REST LVED by tl~e City Council of the City of Richfield, Minnesota
WHEREAS, pursuant to MinnQSOta Statutes, Section 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 Corporatian, and
the amo~mt of said deposits may not exceed the Federal Savings and
Loan Insurance Corporatian ir~surarx~e 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 irx~ie 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 manage~nexrt of City funds that
certain Savings and Loan Associations and Banks be designated
as additional depositories for City funds for 1991.
2 The following Banks in the metropolitan area are designated as additional
depositories for municipal funds.
First National Bank of St. Paul
332 Minnesota Street
St. Paul, Minnesota 55101
Marquette Bank Minneapolis
Marquette St. 6th Street
Minneapolis, Minnesota 55480
3. It is furtt~x found and determiu~ed that the purpose of such
depository designatian is to facilitate the proper and ad-
vantageous investments of City funds and that such designatian
is not exclusive nor does it preclude the deposit of any City
funds in other officially designated depositories of the City.
4. The Treasurer is hereby authorized to deposit City funds in any
or all of the depositories herein designated up to the amount of
$100,000, or such other amt as may be subsequently permitted
4-8
Resolution No. -2-
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.
Such deposits may be made and withdrawn from time to time by the
Treasurer as his/hex best jet and the interests of the City
dictates.
5. The investment of funds and the reporting thereof pursuant to
this resolution shall be conducted in aeeordaix7e with estab-
lished policies of the City regardiryg the investment of City
funds.
6. Investment bankers services, First American Investment Group,
Inc., 3601 West 29th, Suite 120, Topeka, Kansas, 66604, Long
Beach Savings & Doan, 101 Long Beach Boulevard, Long Beach,
CA., 90802, Professional Asset ManagemPazt, Inc., 331 - 15th
Street, Del Mar CA., 92014, Goldstone Investment Corp.,. 9832
Oline St., Wakarusa, Kansas, 66546, Liberty Group, 500 Newport
Centex Drive, Newport Beach, CA., 92660, Kansas National
Investments, 5845 S.W. 29th, Topeka, Kansas, 66614,and Bankers
Clearing Corp., 7400 Metro Blvd. Suite 355, Edina, Minne~~ota 55435,
are being used to service the depositories outside the metropolitan area.
Passed by the City Council of the City of Richfield this 2nd day of
January, 1991.
ATTEST:
Martin Kirsch Mayor
~ P. Ferber City Clerk
3
CITY OF RICHFIELD, MINNESOTA
Council Letter No. ~
Agenda January 2, 1991
Issue Statement:
Designation of Official Newspaper for 1991.
Background•
The Richfield Sun-Current, published by Minnesota Suburban
Publications, has been the City's official newspaper for several
years. The rates for legal publications are as set forth by
Minnesota law.
Attached is a copy of a letter from Minnesota Suburban
Publications requesting that they be designated the official
newspaper for the City of Richfield for 1991.
Recommended Motion:
Designate the Richfield Sun-Current as the official newspaper of
the City of Richfield for the year 1991.
Basis for Recommendation:
1. The paper has served well as the official newspaper for
several years.
2. The paper has expressed a desire to continue to provide this
service.
3. The newspaper is in close proximity to City offices if it is
necessary to hand deliver legal notices before publication
deadlines.
4. The paper is delivered to each residence in the City, thereby
providing city-wide coverage of legal notices to residents.
5. The cost for legal publications is very 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
Star & Tribune.
Discussion/Decision Mode:
As the City typically publishes legal notices each week, this
item has been placed on the January 2, 1991 City Council agenda
so that a designation can be made for 1991.
Res ctfully submitted,
Ja D. Prosser
Ci Manager
k
.~ t
°~:' A~x~tn~a ~ ~a ' 1'~ t:'! -, 7.S"~`,~i",! 7~.:~,., ^St,lt I du'+. tt ~ '~ * ~ I' ~ d M! ~~`.~',.. ~1 i ~ nnF.., ~ ,lei ~!~»S ~±riw. ' ~...i`.
!i" h
:1 ~ k r'i t ~..i t ti ~ ~ ; h ,; i ~ a .,a ~`~~t ~ ik#r ° cIKI 4Al~~A F~ .a.s s,.~.S' ~': `{~! t`~4~~j7~E'$4T,' ` '~ 4 ~ ~ ,, F'?"v
~ jS° ~."l. ~L' A~t;. ~ ~,y~ c ~ ~ k ~ I r '~'?° ~ ~!V H~ ~Ir! 1 " 3 :".;~ ° '~ s~,~.k~i'"~.1r`~ x r 9 ~ r w r
,~ f ~ , ~ ~" t~4r~ ~~`['~ ~ ,
.. ,
! ~~
,; - _. -
.,.
,ri. MINNESOTA SUBURBAN PUB.:.` a~,,;!~ . .`• ~{ '~- ~y `; ~ ~.~,, ;; .,;~' :
~_.
LICATIONS ~ ~ ~ ~ ~~ ` ~ ~ ~'
< .Post PublicaUOns and Minnesota Suburban Newspapers - . , ., `. ' ..: , . _ '~
.. ,_. _ _
19 December 1990
Mr. Tom Ferber
City of Richfield
6700 Portland Avenue South
Richfield, MN
55423
Dear Council Members:
We would appreciate your designation of the Richfield Sun-Current
to be your official newspaper for the 1991 year.
Our company prides itself on home delivery of quality weekly
newspapers that are timely and informative. By designating us to
publish your public notices, we can .best serve the residents of
your city.
The new rate structure for legals effective January 1, 1991 will
be:
1 column width
S .62 per
$ .34 per
2 column width
S1.24 per
S .68 per
line - first insertion
line - second insertion
line - first insertion
line - second insertion
Includes notarized affidavits on each of your publications.
All legal notices should reach this office by Thursday noon
preceding our Wednesday publications. Please direct your
publications to the attention of Meridel Nedblom, Legal
Publications, MSN, 7831 East Bush Lake Road, Bloomington, MN
55439. Our fax number is 896-4818.
We appreciate being considered
ensuing year and look forward
relationship.
Since 1 ,
Goo y P in
General Manager
GP:kt
as the official newspaper for the
to a mutually beneficial working
New Hope Office: 8801 Bass Lake Road. New Hcpe, MN 55428 Phone: (612} 536-7500
Bloomington Office: 7831 fast Bush Lake Road, Bloomington, MN 55439 Phone (612} 896-4700
~"a1 ~ :,i ~, 5;\~;~ .~
I<&YS~.~.S +fiE',~.~yyx + i'§". 2'6#~i I~ek~6!~. r°~ ~._. ,;ai•? .,