93-7964RRE.'90l~lPIQ[d N0. 7964
A RL~90l~TIDri DESI(~~ITINiG C~tTAIld SAVINGS ArID LOAN
ASSOCIATIDIVS Ai~ID BAi~IICS AS DF.E~OSIT(~2IFS
F~OIt Tim IIVVESiTgIQ'P OF CITY FiH~ib6 IId 1993
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BE IT RF~OLVID by the City CounC.il of the City of Richfield, Minnesota
pursuant to Minnesota Statutes, Section 475.66 and 118.005, municipal
furyds may be deposited in arty Savings and Loan Association or Bank which has its
deposits insured by the Federal Savings and Loan Insurance Corporation (FSLIC) or
the Federal Deposit Insurance Corporation (FDIC); and
4~5, the aanount of said deposits may not exceed the FSLIC/FDIC insurance
covering such omits which 3..nsuranoe amount is presently $100,000: and
the deposit of City funds i.ri Savings and Doan Associations and Banks
would provide greater flexibility in the City's ~t program and maximize
interest income tt~,reori.
Ndfnl, Tf~RE, BE IT RFSOLVID by the City Cau~cil of the City of Richfield,
Minnesota, as follows:
1. It is hereby found and determined that it is in the best
interests of the proper managemP.nt of City funds that
various Savings and Loan Associatioa~s and Banks be designated
as additional depositories four City funds for 1993.
2. It is further found arxi determined that the purpose of such
depository designation is to facilitate the proper and advantageous
investments 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 Treasurer and Finarx5e Manager are hereby authorized to deposit City
funds in various depositories up to the aaaiuit of $100,000, or such other
amount as may be subsequently permitted by law, such deposits to be in the
form of demand aooo0.mts for Public Unit Savings Certificates purchased by
the City, payable to the City of Richfield on the signatures of the City
Treasurer or Finarx~e Manager. Such deposits may be made and withdrawn fran
time to time by the Treasurer or Finance Manager as his/her best judgement
and the interests of the City dictates.
4. The investment of funds and the reporting thereof pursuant to
this re.~olution shall be corxiwcted in aooordar~ce with established
policies of the City regarding the irrvestmerrt of City funds.
5 . The following investment firms are bei i~g used to service depositories
outside the metx~apolitan area.
Adams-Van Dyke.
2932B Wana[naker Drive
4bpeka, Kansas 66614
Kansas National Investments
5845 Southwest 29th
Zbpeka, Kansas 66614
First American IrYVestment Group U.S. Sterling Capital Corp.
3601 West 29th, Suite 120 20 Peachtree
Topeka, Kansas 66604 Holbrook, New York 11741
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Resolutiaaz No. 7964
Page 2
F'i nami ~ S~l1Y'1tiPS
100 Passaic Averu~e
Fairfield, New Jersey 07004
passed by the City Cotu~cil o the City of Richfield this 4th day of
January, 1993.
~~ Martin J. Mayor
ATTEST:
/~~~rrctt~ ~/~
Thanas P. Fexber City Clerk
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