92-7835R90
RESOLVI'ION NO. 7835
RESOLLJPION DESIC3~~lTINiG NORWESP HANK I~II.rIIVF50R~, NA
A DEPOSITORY FOR Tf~ INVJESII~NIS OF CITY F[A~ID.S IN 1992
AND APPROVING COLLATERAL
4~~F~fS, pursuant to eta Statutes, Sections 475.66 and 118.005, municipal
funds may be deposited in any savings and loan association which has its deposits
insured by the Federal Savirygs and Loan Insurarne Corporation,. and
Ld~.S, the amount .of said deposits may not exceed FSLIC insurance covering
such deposits, which insur.•arx~e presently amounts to $100,000, unless amovrits in
excess of such insurance coverage is oovered~by additional collateral pledged to the
City, and
4 the deposit of City funds in savings and loan associatioa~s and banks
would provide greater flexibility in the City's investment program and maximize
interest ir~~e thereon.
Tn~~ZEA.S, there shall be maintained a daily interest general checkirx3 aooo~mt in
which shall be deposited all movies for the city licenses. Checks on this account
shall be signed by the following officers or their facsimile signatures:
JAMS D. PRU6SER, CITY NIANACEFt
STEVIIV L. DEVICH, Z~~ASI)RER
NOW, FORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, as follows: .
1. That NoYwest Bank M3rmesota, NA, 6445 Nieollet, Richfield,
Minnesota be designated as official depository for City funds
in 1992.
2. That collateral in the anrnmt of $458,531, is deposited for
safekeeping with Federal Revexve Bank of Mirmeapolis.
Passed by the City Council of the City of Richfield, this 13th day of
January, 1992.
G~~._ .. '
Martin J. Mayor
ATTEST:
Thomas P. Ferber City Clerk