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01-04-88 agenda?? • 1' CITY OF RICHFIELD, MINNESOTA 'Ic „ Council Letter No. 4 Agenda January 4, 1988 Issue. Statement: Resolutions designating official depositories for the City of Richfield for 1988, including the approval of collateral. Background: In accordance with Minnesota Statutes Section 475.66 and 118.005, the City of Richfield must designate financial departures annually. The departure must pledge the collateral over and above the amount of federal insurance, as public depositories. For the year 1988, six 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 $1,000,000; First Western Bank of Richfield, pledging collateral of $2,461,998; First Minnesota Savings Bank, collateral of $944,375; Midwest Federal Savings and Loan Association, collateral of $971,206; Twin City Federal, collateral of $245,025; and Norwest Bank, with collateral of $410,000. 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 $100,000. Finally, a resolution is also attached which designates certain financial institutions as depositories for the investment of city funds for 1988. 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, First Northern Securities, Inc., Miller Schroeder, Norwest Investment Services, Offerman & Company Services, Piper, Jaffray & Hopwood, Shearson Lehman Brothers/E. F. Hutton, and State Street Bank and Trust. 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 118.0059 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 o the city council is desirable at the January 4, 1988, city council meeting so that the city may invest funds in the approved financial institutions for the year 1988 immediately. Respect lly submitted, Jame Prosser City Vnager JDP/eja • • RESOLUTION NO. RESOLUTION DESIGNATING THE RICHFIELD BANK AND TRUST COMPANY A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR 1988 AND APPROVING 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 sum thereof shall not at any time exceed in any depository the sums for which its deposits are insured under 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 golf course operations and not otherwise specifically provided for. Checks on this account shall be signed by the following officers or their facsimile signatures: JAMES D. PROSSER, CITY MANAGER SIEVEN 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 FUR'T'HER RESOLVED, 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 4th day of January, 1988. Steven J. Quam Mayor ATTEST: Thomas P. Ferber City Clerk 2 RESOLUTION NO. RESOLUTION DESIGNATING THE FIRST WESTERN BANK-RICHFIELD A DEPOSITORY OF FUNDS OF THE CITY OF RICHFIELD FOR THE YEAR 1988 AND APPROVING 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 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 in any depository the sums 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 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, swimming pool/ice arena operations and city permits. Checks on this account shall be signed by the following officers or their facsimile signatures: JAMES D. PROSSER, CITY MANAGER STEVEN L. DEVICH, TREASURER BE IT FUR'T'HER 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 on said accounts for all wages or salaries included in said biweekly payroll. BE IT FURTHER RESOLVED, that there shall be a daily interest bearing checking account. All interest earned shall be transferred to the Investment Trust Fund. BE IT FURTHER RESOLVED, that collateral in the amount $2,461,998, is deposited for for safekeeping at the Marquette National Bank of Minneapolis and the Federal Reserve Bank is hereby approved. Passed by the City Council of the City of Richfield this 4th day of January 1988. ATTEST: Steven J. Quam Mayor • Thomas P. Ferber City Clerk 0 RESOLUTION NO. RESOLUTION DESIGNATING THE FIRST MINNESOTA SAVINGS BANK A DEPOSITORY FOR THE INVESTMENTS OF CITY FUNDS IN 1988 AND APPROVING COLLATERAL WHEREAS, 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 WHEREAS, 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 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. WHEREAS, there shall be maintained a daily interest general checking account in which shall be deposited all monies for the city licenses. Checks on this account shall be signed by the following officers or their facsimile signatures: JAMES P. PROSSER, CITY MANAGER STEVEN L. DEVICH, TREASURER NOW, THU EFORE, BE IT RESOLVED by the City Council of the City of Richfield, Minnesota, as follows: 1. That First Minnesota Savings Bank, 6445 Nicollet, Richfield, Minnesota be designated as official depository for City funds in 1988. 2. That collateral in the amount of $944,375, is deposited for safekeeping with Federal Home Loan Bank of Des Moines, Iowa. Passed by the City Council of the City of Richfield, this 4th day of January, 1988. Steven J. Quam ATTEST: Mayor Thomas P. Ferber City Clerk • RESOLUTION NO. A RESOLUTION DESIGNATING MIDWEST FEDERAL SAVINGS AND LOAN AS A DEPOSITORY FOR THE INVFS'INIE U OF CITY FUNDS IN 1988 AND APPROVING COLLATERAL WHEREAS, pursuant to Minnesota 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 Corporation, and WHEREAS, 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 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, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield, Minnesota, as follows: 1. That the Midwest Federal Savings and Loan Association, 3100 West 66th Street, Richfield, Minnesota, be designated • as an official depository for City funds for 1988. 2. That collateral in the amount of $971,206, is deposited for safekeeping with the Richfield Bank and Trust Company of Richfield, Minnesota, is hereby approved. 1988. Passed by the City Council of the City of Richfield, this 4th day of January, ATTEST: Thomas P. Ferber City Clerk Steven J. Quam Mayor • "y y_ RESOLUTION NO. A RESOLUTION DESIGNATING TWIN CITY FEDERAL SAVINGS AND LOAN AS A DEPOSITORY FOR THE INVESTMENT OF CITY RN)S IN 1988 AND APPROVING COLLATERAL WHEREAS, pursuant to Minnesota 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 Corporation, and WHEREAS, 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 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, THERUORE, 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, Minnesota, be designated as an official depository • for City funds for 1988. 2. That collateral in the amount of $245,025, is deposited for safekeeping with the Midland National Bank of Minneapolis, is hereby approved. 1988. Passed by the City Council of the City of Richfield, this 4th day of January, ATTEST: Thomas P. Ferber City Clerk Steven J. Quam Mayor I ], • RESOLUTION NO. A RESOLUTION DESIGNATTNG NORWEST BANK BLOOMINGTON AS A DEPOSITORY FOR THE INVFS MM OF CITY FUNDS IN 1988 AND APPROVING COLLATERAL WHEREAS, pursuant to Minnesota Statutes, Section 475.66 and 118.005, municipal funds may be deposited in any bank and is a member of Federal Deposit Insurance Corporation, and WHEREAS, the amount of said deposits may not exceed FDIC 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 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, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield, Minnesota, as follows: 1. That Norwest Bank Bloomington, 7900 Xerxes Avenue South, Bloomington, Minnesota, be designated as an official depository for City funds for 1988. 2. That collateral in the amount of $410,000, is deposited for safe- keeping with the Norwest Bank Minneapolis, is hereby approved. Passed by the City Council of the City of Richfield, this 4th day of January, 1988. ATTEST: Steven J. Quam Mayor Thomas P. Ferber City Clerk / I 0 RESOLUTION NO. A RESOLUTION DESIGNATING CERTAIN FINANCIAL INSTITUTIONS AS DEPOSITORIES FOR THE INVES7.MU OF CITY FUNDS IN 1988 WHEREAS, the City of Richfield has money which is available for investment, and WHEREAS, different financial institutions offer different rates of return on investments, and WHEREAS, the. City of Richfield shall purchase U.S. Treasury Bills, U.S. Treasury Notes and other such government securities in the manner required by Minnesota Statutes, Section 475.66 and 118.005 from the institution offering the highest rate to the City providing greater flexibility in the City's investment program and maximize interest income thereon. NOW, THEREFORE, 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 the proper management of City funds that certain financial institutions be designated as additional depositories for City funds for 1987. 2. The following financial 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 First Northern Securities, Inc. Miller Schroeder Norwest Investment Services Offerman & Company Services Piper, Jaffray & Hopwood Shearson Lehman Brothers/E. F. Hutton State Street Bank & Trust, Trust for Short-Term U.S. Government Securities 3. The Treasurer is hereby authorized to deposit City funds in any or all of the depositories herein designated. Such deposits may be made and with- drawn from 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- lution shall be conducted in accordance with established policies of the City regarding the investment of City funds. • Passed by the City Council of the City of Richfield, this 4th day of January, 1988. ATTEST: Steven J. Quam Mayor Thomas P. Ferber City Clerk # y • RESOLUTION NO A RESOLUTION DESIGNATING CERTAIN SAVINGS AND IRAN ASSOCIATIONS AND BANKS AS DEPOSITORIES FOR THE INVESTME:Rr OF CITY FUNDS IN 1988 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 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 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 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 certain Savings and Loan Associations and Banks be designated as additional depositories for City funds for 1988. 2 The following Savings and Loan Associations and 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 further found and determined that the purpose of such depository designation is to facilitate the proper and ad- vantageous investments 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. 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 amount as may be subsequently permitted by law, such deposits to be in the form of demand accounts for 0 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 zt, __/_ //4 I 9 Resolution No. -2- Treasurer as his/her best judgement and the interests of the City dictates. 5. The investment of funds and the reporting thereof pursuant to this resolution shall be conducted in accordance with estab- lished policies of the City regarding 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 & Loan, 101 Long Beach Boulevard, Long Beach, CA., 90802, Professional Asset Management, Inc., 331 - 15th Street, Del Mar CA., 92014, Goldstone Investment Corp., 9832 Oline St., Wakarusa, Kansas, 66546, Liberty Group, 500 Newport Center Drive, Newport Beach, CA., 92660 and Kansas National Investments, 5845 S.W. 29th, Topeka, Kansas, 66614 are being used to service the depositories outside the metropolitan area. Passed by the City Council of the City of Richfield this 4th day of January, 1988. • AT=: Steven J. Quam Mayor Thomas P. Ferber City Clerk 0 CITY OF RICHFIELD, MINNESOTA Council Letter No.3 Agenda January 4, 1988 ?L Issue Statement: Designation o Official Newspaper for 1988 Background: The Richfield Sun-Current, published by the Minnesota Suburban Newspapers, Inc., has been the city's official newspaper for many years, with legal rates as set forth by Minnesota Law. Attached to this council letter is a copy of a letter from the Minnesota Suburban Newspapers, Inc. requesting that they be designated the official newspaper for the City of Richfield for 1988. Recommended Motion: Designate the Richfield-Sun Current as the City of Richfield official newspaper for the year 1988. Basis for Recommendation: 1. The paper has served well as the official newspaper for the city for many years. 10 2. The paper has expressed a desire to continue to provide this service. 3. The newspaper is in close proximity to city hall 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. Alternative Recommendation: 1. Not make a designation and request the city clerk's office to check into using another newspaper, such as the Minneapolis Star and Tribune. Discussion/Decision Mode: As the city typically publishes legal notices each week, this item has been placed on the January 4, 1988 city council agenda so that a designation can be made for the year 1988. Respectfully submitted, Jame . Prosser Cit anager 0 JDP/eja • MINNESOTA SUBURBAN NEWSPAPERS December 21, 1987 City Council 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 newspapers for the year 1988. The new rate structure for legals effective January 1, 1988 will be: 1 column width 49.7 cents per line - first insertion 27.2 cents per line - subsequent insertions This new rate is based on our new column width of 11.5 picas com- pared to our former width of 9.3 picas. This represents more than a 20% increase in line length. We will provide, at no additional charge, two notarized affidavits on each of your publications. Additional notarized affidavits, on request, will be furnished at 35 cents each. All publications should reach this office by Thursday a.m. preced- ing our Wednesday publication. However, we would appreciate re- ceiving any large quantities of legals or any lengthy legals at an earlier time. In order to expedite our services to you, it is requested that you direct your publications to the attention of Meridel Hedblom, Legal Publications, 7401 Bush Lake Road, Edina, Mn. 55435. We appreciate being considered as the official newspaper for the City of Richfield. It has been a pleasure working with you and we look forward to a continued working relationship. Very truly yours, MINNE TA BURBAN NEWSPAPERS anning Publ' her LJC/mc Publishers of Current Newspapers, Sailor Newspapers, Sun-Current Newspapers and Focus Newspapers 7401 Bush Lake Road • Edina, Minnesota 55435 • (612) 831-1200 ?? • CITY OF RICHFIELD, MINNESOTA Council Letter No.2 Agenda January 4, 1988 Issue Statement: Designation oCouncil Seating Background: Traditionally, the seating arrangement for council members in the chambers placed the Mayor in the middle, flanked on either side by two members of the Council. This arrangement was changed in the early 1980's when the Mayor requested to be seated next to the City Manager. The Council Members sat to the Mayor's left, in order of terms on the council. Recommended Motion: Consider rearrangement of the council seating arrangements. Basis for Recommendation: . Mayor Quam may wish to resume the traditional seating of the council. 2. Some council members may wish to change the seating arrangements. Alternative Recommendation: 1. Continue the present seating arrangement. Discussion/Decision Mode: This item has been placed on the agenda for the first council meeting of the new year. ubmitted, Resynagerss Jamer Cit JDP/e,ja 7 ?j CITY OF RICHFIELD, MINNESOTA Council Letter No.l Agenda January 4, 1988 Issue Statement: Administration of Official Oath of Office for Steven J. Quam, Mayor and Michael M. Sandahl, Council Member-At-large. Background: On November 3, 1987 Steven J. Quam was elected to a three year term as Mayor and Michael M. Sandahl was elected to a three year term as Council Member-at-Large. Section 3.01 of.the City Charter states: "On the first business day of January following a regular municipal election, the 'council shall meet at the usual place and time for the holding of council meetings. At this time the newly elected members of the council shall assume their duties." Therefore, the administration of the oath of office for Mayor Quam and Council Member Sandahl is scheduled for the January 4, 1987 council meeting. Recommendation: The City Clerk administer the Oath of Office to Mayor Steven J. Quam and Council Member Michael M. Sandahl. Basis of Recommendation: 1. The City Charter provides that newly elected officials assume their duties at the first council meeting in January. 2. All newly elected officials are administered the Oath of Office when they assume their duties. Alternative Recommendation: None Discussion/Decision Mode: This item has been scheduled for the January 4, 1988 city council meeting. JDP/eja Respectf lly submitted, Ja ?eD. Prosser Ci nager s