91-7705R66
RESOLtTt'I~i N0. 7705
RESOLUTION DESI(~fTING JEST BAI~IIt t'A, I~1
A DEPOSITORY FOR Tf~ INVF~'li~N'I5 OF CITY F[IDIDS IN 1991
AMID 19-F~PROSTt~ QOLLATERAL
pur~svant to Minnesota Statutes, Sections 475.66 and 118.005, municipal
funds may be deposited in any savings and loan assoai.ation which has its deposits
insured by the Federal Savings aryd Loan Insurance Corporation, and
4 the amotuzt of said deposits. may not exceed FSLIC insurarr~e covprir~g
such deposits, which insurance presently amounts to $100,.000, unless amounts in
excess of such insurance oaverage is covered by additional collateral pledged to the
City, and
G~IDZFAS, the deposit of City funds in savings and loan associations and banks
would pr~avide greater flexibility in the City's investment program and maximize
interest insane t2~.reaz.
.5, there shall be maintained a daily interest general checking acootmt in
which shall be deposited all monies for the city licenses. Checks on this aoooturt
shall be signed by the follawir~g officers or their facsimile signatures:
J~ D. PR~J6.SE~, CITY NfANAGEIl
STEVE~1 L. DEVICH, Z'FZEASURgt
NOW, TORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, as follows :
1. That Norwest Bank Minnesota, NA, 6445 Nioollet, Richfield,
MiYU~esota be designated as official depository for City furx3.s
in 1991.
_ 2. That collateral in the ama~uzt of $569,934, is deposited for
safekeeping with Federal Reserve Bank of Minneapolis.
Passed by the City Council of the City of Richfield, this 2nd day of
January, 1991.
~,"~,
AT'T'EST:
/,..~ ~
Thanas P. Ferber City Clerk