93-7962R10
RF90IITPION NO. 7962
RE50L[TF10N DFSI(~1TING NOItWEST BA1~IIC I~II~0-1'A, NA
A DEFASITOIZY FOIL ~ ~ OF QTY Ft~S Ili 1993
ArID APF~VIlVG C70LIATgiAL
S, pursuant to Minnesota Statutes, Sections 475.66 and 118.005, municipal
funds may be deposited in arty savings aixl loan associatioan which has its deposits
insured by the Federal Savings and Loan Ins~uraryoe Corporation (FSLIC) : aril
~F1~fS, the amonmt of said deposits may not exceed FSLIC insurance covpxir~g
such deposits, which insurance presently aamunts to $100,000, unless amounts in
excess Of such ~n~~rance coverage is covered by additional collateral pledged to the
City; arx3
In~RFAS, the deposit of City funds in savings arxi loan associations ar~d banks
would provide greater flexibility in the City's investment program aryl maximize
interest irxxlne thex~; and
HE~RFAS, there shall be maintained a daily interest gam. checking account in
which shall be deposited all monies for the city licenses. Checks on this account
shall be signed by the following offioexs or their facsimile signatures:
J1~5 D. PR06SF.I2, CITY N~-I~
STEVEN L. DEVICH, TF:EAS[JRF~
NOW, TFE, BE IT RFSOLVID by the City Crnarycil of the City of Richfield,
Minnesota, as follows:
1. That Norwest Bank Minnesota, NA, 6445 Nioollet, Richfield,
Minnesota be designated as official depositary for City furyds
in 1993.
Passed by the City Coiuycil of the City of Richfield, this 4th day of
January, 1993.
Martin J. Mayor
ATTEST
Th~anas P. Ferber City Clerk
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