01-14 Resolution No. 11704 RESOLUTION NO. 11704
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS,
BANKS AND CREDIT UNIONS AS DEPOSITORIES FOR THE DEPOSIT AND
INVESTMENT OF CITY FUNDS IN 2020
BE IT RESOLVED, by the City Council of City 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 the 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 City funds in Savings and Loan Associations and Banks
would provide greater flexibility in the City's investment program and maximize interest
income thereon, and
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 interest of the proper
management of City funds that various banks be designated as additional
depositories for City funds for 2020.
2. It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous deposit and investment
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.
3. The Finance Director is hereby authorized to deposit City 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 City of Richfield on the signature of the Finance
Director. Such deposits may be made and withdrawn from time to time by the
Finance Director as his best judgment and the interests of the City dictates.
4. The investment of funds and the reporting thereof pursuant to this resolution
shall be conducted in accordance with established policies of the City regarding
the investment of City funds.
Adopted by the City Council of the City of Richfield, Minnesota this 14h day of
January, 2020.
1)(\owoi `.--2
Maria Regan Go n,lez, Mayor
ATTEST:
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Elizabet an oose, City Clerk