01-19 HRA Resolution No. 1384
RESOLUTION NO. 1384
RESOLUTION DESIGNATING CERTAIN SAVINGAND LOANASSOCIATIONS,
BANKS
ANDCREDIT UNIONS AS DEPOSITORIES FORTHE INVESTMENT OF HOUSING
ANDREDEVELOPMENTAUTHORITY OF RICHFIELD FUNDS IN2021
BEIT RESOLVED,by the Housing and RedevelopmentAuthority of Richfield,
Minnesota:
WHEREAS,pursuantto Minnesota Statutes,Sections 118A.01 118A.06,
municipalfundsmay bedeposited inany Savings and Loan Association,Bankor Credit
Union whichhas its deposits insured by the Federal DepositInsurance Corporation
(FDIC),or National Credit Union Administration (NCUA); and
WHEREAS,the amountofsaiddepositsmay notexceed the FDIC/NCUA
insurance covering suchdeposits whichinsurance amountis presently $250,000; and
WHEREAS,the deposit of Housing and RedevelopmentAuthority funds in
Savings and Loan Associations and Banks wouldprovide greaterflexibility inthe
income thereon.
NOW,THEREFORE, BEIT RESOLVED,by the Housing and Redevelopment
Authority ofRichfield, Minnesota,as follows:
1.It is hereby found and determined that it is in the best interest of the proper
management of Housing and Redevelopment Authority funds that certain
Savings and Loan Association and Banks be designated as additional
depositories for Housing and Redevelopment Authority funds for 2021.
2.It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous investments 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.
3.The Finance Director is hereby authorized to deposit Housing and
Redevelopment 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 Housing
and Redevelopment Authority of Richfield on the signatures of the Housing
and Redevelopment Authority 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and withdrawn from time to time by the Finance Director as his best judgment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 Housing and Redevelopment 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 Housing
and Redevelopment Authority regarding the investment of Housing and
Redevelopment Authority funds.
Adopted by the Housing and Redevelopment Authority of Richfield, Minnesota this 19th
day of January, 2021.
Mary B. Supple, Chair
ATTEST:
Maria Regan Gonzalez, Secretary