91-7706R67
RESOLUTION N0. 7706
A RESOIUTION DESIGNATING TWIId QTY FIDE~tAL SAVIlJGS AMID I,QAN
AS A DF~'OSITORY FC)R Tim Il~VESZ~NP OF CITY F[~S IN 1991
AMID 19-PPROVING COI~,ATg2AL
~5, pursuant to Minnesota Statutes, Section 475.66 arx3 118.005, municipal
funds may be deposited in any savings and loan association which has its deposits
insured by the Federal Savings and Doan Insurance Corporation, and
tn~~tFAS, the amo~uit of said deposits may not exceed FSLIC insurance covering
such deposits, which insurance presently amounts to 5100,000, unless amount is
excess of such insurance coverage is covered by additional collateral pledged to
the City, and
6+II~~tFAS, the deposit of City funds in savings and loan associations and banks
would provide greater flexibility in the City's investment program ar~d max; m;Ze
interest insane thereon.
NOW, Ti~ORE, BE IT RESOLVFFID by the City Council of the City of Richfield,
M.inr~SOta, 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 1991.
1991.
2. That collateral in the amount of $343,444, is deposited for
safekeeping with the Federal Reserve Bank of Minneapolis, is
here' approved
Passed by the City Council of the City of Richfield, this 2rr3 day of January,
~~`/ r
Martin J. Mayor
ATTEST:
~ r ~.
Thomas P. Ferber City Clerk