92-7836R91
RF50IiTPION NO. 7836
A RFSOL~JPION DESI(~~1TINC~ TWII1 CITY FEDERAL SAVINGS APID IAN
AS A DEPOSITORY FOR Tim INVFb'~Nr OF CITY F[aIDS IN 1992
ArID p1,PYR~ING COLLATE~tAL
4dig2FA5, purstaant .~ Minnesota Statutes, Section 475.66 and 118.005, municipal
funds may be deposited in any savirygs ar~d loan association which has its deposits
in,~-ured by the Federal Savings arr3 Doan Insurance Corporation, and
~.5, the amount of said deposits may not exceed. FSLIC insurarr~e covering
such deposits, which insurarx~e pr~ltly amounts to $100,000, unless amount is
excess of such insuresx:e eevera9e is covered by additional collateral pledged to
the City, and
~F~fS, the deposit of City funds in savings and loan associatioa~s ar~d banks
would provide greater flexibility in the City's investment program arx3 maximize
interest irr~orrie t1~,reon.
~,,~, THEREFORE, BE IT RESOLVED by the City Ca~uycil of the City of Richfield,
Minnesota, as follows:
1. That Twin City Federal Savings anr3 Loan. Marquette at 8th Street,
M,iru~eapolis, Minnesota, be designated as an official depository
for City funds for 1992.
2. That collateral in the amcwnt of $145,724, is deposited for
safekeep~9 nth the Federal Reserve Bank of Minneapolis, is
hereby approved.
p~~d }~, t~ City Crnu~cil of the City of Richfield, this 13th day of January,
1992.
Martin J. ~y~'
ATTEST:
~~~-~.J
Ttxxnas P. Ferber City Clerk