93-7963R11
R1~OL[TPION NO. 7963
A RE.'SOLVt'IDDT DFSIC~~II°ITIIVG 7.WIId QTY FFF~F~L SAVa1C~S AtID LOAN
AS A D~OSI'i~Y FY)Et T!~ II~VFSi~P OF CITY FL~ID6 Il~T 1993
Ai~ID APP'RO~TIlVG OOLLATIItAL
pursuant to Mi.nnegota Statutes, Section 475.66 and 118.005, municipal
funds may be deposited in arty savings and loan association which has its deposits
insured by the Federal Savings and Loan Insurance Corporation (FSLIC); and
tn~~tFAS, the amount of said deposits may not ex~oeed FSLIC insurance covering
such deposits, which ir~suraryoe presently amaiu~ts to $100,000, unless amo~mt is
excess of such insurance coverage is covered by additional collateral pledged to the
City; and
the deposit of City funds in savirygs and loan associations and banks
would provide greater flexibility in the City's investment program and maximtze
interest incc[ne thereoai.
NOW, ZEE, BE IT RF50LVID 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 1993.
1993.
Passed by the City CoRU~cil of the City of Richfield, this 4th day of January,
ATTEST:
Tharias P. FerbP.r City Clerk
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Martin J.