92-7888R40
RESOLUTION NO. 7888
RESOLUTION DESIGNATING A CERTAIN INSTITUTION
AS DEPOSITORY FOR THE INVESTMENT
OF CITY FUNDS I,N 1992
WHEREAS, the City of Richfield. has money which is available
for investment; and
WHEREAS, different financial institutions offer different
rates of return on investments; and
WHEREAS, the City of Richfield shall purchase U.S. Treasury
Bills, U.S. Treasury Notes, and U.S. Government Agency Securities
in the manner required by Minnesota Statutes, Section 475.66 and
118.005 from the institution offering the highest rate to the
City, providing greater flexibility in the City's investment
program, and maximizing interest income thereon.
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
interests of the proper management of City funds that
certain financial institutions/brokerage firms be
designated as official depositories for 1992.
2. That PaineWebber be added as a designated depository for
municipal funds.
3. The treasurer is hereby authorized to deposit City funds
in the above institution herein designated. Such
deposits may be made and withdrawn from time to .time. by
the Treasurer as his/her best judgment and the interest
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:
Passed by the City Council of the City of Richfield, Minnesota,
this 22nd day of June, 1992.
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.Martin J irsch Mayor
ATTEST:
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Thomas P. Ferber City Clerk