01-15 EDA Resolution No. 12 EDA RESOLUTION NO. 12
RESOLUTION DESIGNATING CERTAIN FINANCIAL INSTITUTIONS AS
DEPOSITORIES FOR THE INVESTMENT OF ECONOMIC DEVELOPMENT AUTHORITY
OF RICHFIELD FUNDS IN 2019
WHEREAS, the Economic Development Authority of Richfield has money which is
available for investment; and
WHEREAS, different financial institutions offer different rates of return on investments;
and
WHEREAS, the Economic Development Authority of Richfield shall purchase U. S.
Treasury Bills, U. S. Treasury Notes and other such government securities in the manner
required by law from the institution offering the highest rate to the Economic Development
Authority of Richfield providing greater flexibility in the investment program and maximize
interest income thereon.
NOW, THEREFORE, BE IT RESOLVED, by the Economic Development Authority of
Richfield, Minnesota, in accordance with Minnesota Statutes, Sections 118A.01 - 118A.06,
as follows:
1. It is hereby found and determined that it is in the best interest of the proper
management of Economic Development Authority of Richfield funds that certain
financial institutions be designated as additional depositories for Economic
Development Authority of Richfield funds for 2019.
2. The following financial institutions designated as depositories for the Economic
Development Authority of Richfield funds:
RBC Capital Markets. Raymond James &Assoc.
4M Fund Oppenheimer & Co.
Wells Fargo Institutional Retirement & Trust
Northland Securities, Inc.
3. The Finance Director is hereby authorized to deposit the Economic Development
Authority of Richfield funds in any or all of the depositories herein designated.
Such deposits may be made and withdrawn from time to time by the Finance
Director's judgment and as the interest of the Economic Development Authority
of Richfield dictates.
4. The investment of funds and the reporting thereof pursuant to this resolution shall
be conducted in accordance with established policies regarding the investment of
these funds.
Adopted by the Economic Development Authority of Richfield, Minnesota this 15th
day of January, 2019.
President
ATTEST:
el1.—•
Kate AitchisonSecretary