91-7708R69
RE50LU1'IDrT N0. 7708
A RFSOLVI'ION DESI(~1TIlQG C~tTAIId SAVIlVGS AND IRAN
P.~S.SOCIATIDidS AND BArII~S AS DEPOSITORIFS
FOfft T!~ IIdVFSIi~gNP OF CITY FZH~IDS IN 1991
BE IT RE50LVID by the City Council of~the City of Richfield, Minnesota
Fh~tFAS, pursuant to Miruyesota Statutes, Section 475.66 and 118.005, municipal
funds may be deposited in any Savings and Loan Association which has its deposits
insured by the Federal Savings and Loan Insurance Corporation, and
WI~2FAS, the amount of said deposits may mt exoeed the Federal Savings and
Loan In_~aranoe Corporation insurar~oe covering such deposits which insurance amo~,uzt
is presently $100,000, and
4J~~tEAS, the deposit of City funds in Savings and Loan Associations and Hanks
world provide greater flexibility in the City's investment program and maxiittize
interest ityoane ther+eaz.
NOW, Z~ORE, BE IT RFSOLVID by the City Council of the City of Richfield, --
Minne_gota, as follows:
1. It is hereby fourxi and determined that it is in the best
interests of the proper management of City funds that
certain Savings and Loan Associations and Hanks be designated
as additional depositories for City funds for 1991.
2 The follauing Hanks in the metropolitan area are designated as additional.
depositories for municipal funds.
First National Bank of St. Paul
332 Minnesota Street
St. Paul, Minnesota 55101
Marquette Bank Miru~,apolis
Marquette St. 6th Street
Minneapolis, Minnesota 55480
3. It is further fourxi and determined that the purpose of such
depository designation is to facilitate the proper and ad-
vantageous investments of City funds and that such designation
is mt exclusive nor does it preclude the deposit of any City
furx9s in other officially designated depositories of the City.
4. The Treasurer is herevy authorized to deposit City funds in any
oar all of the depositories herein designated up to the ama~uzt of
5100,000, os such other amount as may be Stly permitted
Resolution No.
by law, such deposits to l
Public Unit Savir~s Certi
to-the City of Richfield ~
Such deposits may be made
Treasurer as his/Y~er best
dictates.
-2-
3n the farm of demarxi accamts for
ates purrt~ased by the City, payable
the signatures of the City Treasurer.
d withdrawn from time to time by the
dgemeazt and the interests of the. City
5. The investment of funds ar~d the reporting thereof pursuant to
this resolution shall be oonducted in aooar~daryaewith estab-
lished policies of the City regarding the investment of City
furx3s.
6. Inert bankers service
Ir~c., 3601 West 29th, Suit
Beach Savings & Loan, 101
CA., 90802, Professional A
Street, Del Mar CA., 92014
Oline St. , Wakarusa, Kansa,
Center Drive, Newport Bead
Irnre.stments, 5845 S.W. 29t1
Clearing Corp., 7400 Metro
are. being used to service
;, First American Investrrent Croup,
120, Topeka, KarLsas, 66604, Lcx-yg
ong Beach Boulevard, Ioi~g Bear-h,
'set Management, Inc., 331 - 15th
Goldstar~e IrYVestment Corp. , 9832
~, 66546, Liberty GYnup, 500 Newport
;, CA. , 92660, Kar~~as National.
;, Topeka, Kansas, 66614, and Bankers
Blvd. Suite 355, Edina, Minnesota 55435,
he depositories outside the metropolitan area.
Passed by the City Council of
January, 1991.
ATTEST:
Tha[tias P. Ferber City Clerk
City of Richfield this 2nd day of
~.,T~