01-21-85 agendaHOUSING AND REDEVELOPMENT AUTHORITY
Office of Executive Director
HRA Letter No. 4
Agenda January 21, 1985
Housing and Redevelopment
Authority Commissioners
City of Richfield
Subject: Designation of Official Newspaper
Dear Commissioners:
There is an item on the January 21, 1985-HRA agenda
providing for the designation of the HRA's official newspaper.
The City Council has designated the Richfield Sun as the city's
official newspaper for several years, .but the HRA has not
previously designated an official newspaper.
It is recommended that the HRA designate the Richfield Sun
as the official newspaper until further action is taken.
Respectfu bmitted,
~~~~
John G."Car righ
Executive Directo
JCG/eja
HOUSING AND REDEVELOPMENT AUTHORITY
Office of Executive Director
HRA Letter No.3
Agenda January 21, 1985
Housing and Redevelopment
Authority Commissioners
City of Richfield
Subject: Designation of Acting Executive Director
Dear Commissioners:
The City Couneil has appointed the Director of
Administrative Services to serve as Acting City Manager when the
City Manager is absent from the city.
Sinee the City Manager also serves as the Executive Director
of the HRA, it is recommended that the HRA designate Steven
Devieh, Director of Administrative Services, to serve as the
Acting Executive Director of~the HRA during the absence of the
Executive Director.
This item has been placed on the January 1~, 1985 HRA agenda
for HRA consideration.
R~pectfu~lyf ,submitted,
John G. `~Car~twrig
Executive Di ect
JCG/eja
HOUSING AND REDEVELOPMENT AUTHORITY
Office of Executive Director
HRA Letter No. 2
Agenda January 21, 1985
Housing and Redevelopment
Authority Commissioners
City of Richfield
Subject: Resolution Designating Official Depositories
Dear Commissioners:
Attached to this HRA letter is a resolution naming the. First
Western Bank of Richfield as official depository for the
Richfield Housing and Redevelopment Authority for the year
1985. The First Western Bank is pledging collateral in the
amount of $561,558. This collateral pledge means that the HRA's
deposits up to this amount are secured with the depository. In
addition to this collateral pledge, HRA funds are protected by
the Federal Deposit Insurance Corporation in the amount of
$100,000 making the total protection afforded by this depository
for HRA funds equal to $661,558.
An additional resolution is attached, providing for
designation of certain other savings and loan associations as
official depositories in which the Housing Authority will be
able to invest funds not exceeding the Federal Savings and Loan
insurance coverage of $100,000.
Respectfu submitted,
n G. ar wrigh
Executive Direct
JGC/eja
HRA RESOLUTION N0.
RESOLUTION DESIGNATING THE FIRST WESTERN BANK A DEPOSITORY OF
FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
FOR THE YEAR 1985 AND APPROVING COLLATERAL
BE IT RESOLVED by the Housing and Redevelopment Authority of
Richfield as follows:
That, in accordance with law, the First Western Bank be, and
hereby is designated a depository of the funds of the Housing
and Redevelopment Authority, 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 sum
for which its deposits are insured under the Acts of Congress of
the United States relating to insurance 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 Housing and Redevelopment Authority of
Richfield.
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. Checks
on this account shall be signed by the following officers or
their facsimile signatures.
Thomas E. Harms, Chairman
John G. Cartwright, Executive Director
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 FURTHER RESOLVED, that the collateral in the amount of
$561,558 deposited for safekeeping at the F & M Marquette
National Bank of Minneapolis, is hereby approved.
Passed by the Housing and Redevelopment Authority of
Richfield this 21st day of January, 1985•
Thomas E. Harms Chairman.
ATTEST:
Joan Helmberger Secretary
RESOLUTION N0.
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND
LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF HOUSING AND REDEVELOPMENT
AUTHORITY FUNDS IN 1985
WHEREAS, pursuant to Minnesota Statutes, Section 475.66 and
118.17, 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
WHEREAS, the amount of said deposits may not exceed the
Federal Savings and Loan Insurance Corporation insurance
covering such deposits which insurance amount is presently
$100,000, and
WHEREAS, the deposit of Housing and Redevelopment Authority
funds in Savings and Loan Associations and Banks would provide
greater flexibility in the Housing and Redevelopment Authority's
investment program and maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority of Richfield as follows:
1. It is hereby found and determined that it is in the best
interests of the proper management of Housing and
Redevelopment Authority funds that certain Savings and
Loan Associations and Banks be designated as additional
depositories for Housing and Redevelopment Authority
funds for 1985.
2. The following Savings and Loan Associations and Banks
are hereby designated as additional depositories far
Housing and Redevelopment Authority funds:
First Federal Savings of Minneapolis
6445 Nieollet Avenue South
Richfield, MN 55423
Minnesota Federal Savings
98 West 66th Street
Richfield, MN 55423
Midwest Federal Savings & Laan Association
3100 West 66th Street
Edina, MN 55435
Twin City Federal Savings and Loan
3330 West 66th Street
Edina, MN 55435
3. It is further found and determined that the purpose of
such depository designation is to facilitate the proper
and advantageous investment of Housing and Redevelopment
Authority funds and that such designation is not
exclusive nor does it preclude the deposit of any
Housing and Redevelopment Authority funds in other
officially designated depositories of the Housing and
Redevelopment Authority.
4. The Executive Director is hereby authorized to deposit
Housing and Redevelopment Authority funds in any or all
of the depositories herein designated up to the amount
of $100,000, ar 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 Housing and Redevelopment Authority of
Richfield, payable to the Housing and Redevelopment
Authority of Richfield on the signatures of the
Executive Director.
Passed by the Housing and Redevelopment Authority of
Richfield this 21st day of January, 1985.
Thomas E. Harms Chairman
ATTEST:
Joan Helmberger Secretary
HOUSI~iG AND REDEVEL:OF'MENT AUTHORITY
O"ffice of Executive F?irector
- ~_
- HRA Letter No. 1
f;~~-
Agenda January 21 ,
H:o,us,ng and Red~veI:opment
Authority Comm,is•saners
City a-f R.chfi~ld~ .
z
Subject; Election of Officers for the Housing and
Redeyelo,pc~ent Authority
Dear Cotmnssoners'..
Th.e ~~-Taws o`f. the Richf.eZd Hous~n.g and Redevelopment
Authority provide• that the annual meeting of the authority be.
,.
herd o.n th-~ third Nf.onday in January. The by-laws alsfl reQu:re
ghat the ;chairman, vice,-chairman, and secretary be elected at
t:he annual meeti,n;g._ .
O:ffi.cers for t:he years 1981 ~- 1984 are as fa-flows s
1981_ 19$2
• 1'hamas~I arms , ;Chairman Thomas army, Cha:xrman
- _~,
.. Joan Helmberger;: =dice--Chia-i,r..-__.~~aa~n--I~e~lrn~rer--g~.rj_;y~ic~e`=.Ck~ar- ._.~._._. ---
Michael Freeman., Secretary - Mieha~el Freeman, Secretary
1983 198#
Thomas Har.ms;_Charman Thomas Harms, Chairman
Vern L.uet~inger,~ .Vise-Gha.r Vern Luettinger, Vice.-Chair
Joan H:elm~ber- ger , Secretary Joan He].mberger , Secretary
It will be necessary far the commissioners to hold an <
election and elect. these of fic.ers for 1985 • This is the only
special item o,f~ business required at the annual meeting acid
except for this item. the HRA meeting ca.n be conducted as :f it
were a regular meeting of the Authority.
Re pectfu_ y bmtted,
}~<
•~hn G. Car sigh
Execu-five Direct r
JCG/eja