01-16 EDA Resolution No. 5 EDA RESOLUTION NO. 5
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS,
BANKS
AND CREDIT UNIONS AS DEPOSITORIES FOR THE INVESTMENT OF ECONOMIC
DEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 2018
BE IT RESOLVED, by the Economic Development Authority of Richfield,
Minnesota:
WHEREAS, pursuant to Minnesota Statutes, Sections 118A.01 — 118A.06,
municipal funds may be deposited in any Savings and Loan Association, Bank or Credit
Union which has its deposits insured by the Federal Deposit Insurance Corporation
(FDIC), or National Credit Union Administration (NCUA); and
WHEREAS, the amount of said deposits may not exceed the FDIC/NCUA
insurance covering such deposits which insurance amount is presently $250,000; and
WHEREAS, the deposit of Economic Development Authority funds in Savings
and Loan Associations and Banks would provide greater flexibility in the Economic
Development Authority's investment program and maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED, by the Economic Development
Authority of Richfield, Minnesota, as follows:
1. It is hereby found and determined that it is in the best interest of the proper
management of Economic Development Authority funds that certain Savings
and Loan Association and Banks be designated as additional depositories for
Economic Development Authority funds for 2018.
2. It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous investments of
Economic Development Authorityfunds and that such'designation is not
exclusive nor does it preclude the deposit of any Economic Development
Authority funds in other officially designated depositories of the Economic
Development Authority.
3. The Treasurer and Finance Manager are hereby authorized to deposit
Economic Development Authority funds in various depositories up to the
amount of$250,000, or such other amount as may be subsequently permitted
by law, such deposits to be in the form of demand accounts, payable to the
Economic Development Authority of Richfield on the signatures of the
Economic Development Authority Treasurer or Finance Manager. Such
deposits may be made and withdrawn from time to time by the Treasurer or
Finance Manager as his best judgment and the interests of the Economic
Development Authority dictates.
4. The investment of funds and the reporting thereof pursuant to this resolution
shall be conducted in accordance with established policies of the Economic
Development Authority regarding the investment of Economic Development
Authority funds.
Adopted by the Economic Development Authority of Richfield, Minnesota this 16th day
of January, 2018.
Mary B. p e, Pres•dent
ATTEST: (ktt66011-`
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Kate Aitchison, Secretary