92-7837RRE50L[T!'ION NO. 7837
A RESOLUPION DESIGNATIlVG C~TAIId SAVINGS AND LOAN
P.kSSOC7ATIONS AND B~+1NK5 AS DEQOSITORIES
F~2 T!~ INVES'Zi~NP OF CITY Fi~IDS IN 1992
BE IT RESOLVID by the City Council of the City of Richfield, Minnesota
tr~~tFAS, pursuant t0 Minnesota Statutes, Section 475.66 and 118.005, municipal
funds may be deposited in any Savings aryl Loan Association or Bank which has its
deposits in.Cured by the Federal SavirrJs and Loan Insurarr~e Corporation (FSLIC) or
the Federal Deposit Insurance Corporation (FDIC), and
Wf~tE'AS, the amount of said deposits may not exceed the FSLIC/FDIC insurance
covering such deposits which insurance amount is presently $100,000, and
W8~II4S, the deposit of City funds in Savings and Loan Associations and Banks
would provide greater flexibility in the City's investment program and maximize
interest irx~o[t~ thereon.
NOW, T~'ORE, BE IT RF50LVID by the City Crnuril of the City of Richfield,
Minnesota, as follows:
1. It is hereby found an3 determined that it is in the best
interests of the proper ~r~anagelnent of City funds that
various Savings and Loan Associations and Banks be designated
as additional depositaries far City funds far 1992.
2. It is further found and determined that the purpose of such
depository designation is to facilitate the proper and advant;ageaus
v~r~estments of City funds ar~d that such designation is not exclusive nor
does it preclude the deposit of any City funds in other officially
designated depositories of the City.
3. The Treasurer is hFx~eby authorized to deposit City funds in
various depositories up to the amount of $100,000, or such other amount as
may be subsequently permitted by law, such deposits to be in the form of
demand accounts for Public Unit Savings Certificates purchased by the City,
payable to the City of Richfield on the signatures of the City Treasurer.
Such deposits may be made and withdrawn frcm time to time by the Treasurer
as his/her best judgement and the interests of the City dictates.
4. The investment of funds and the repoar-ting thereof pursuant to
this resolution shall be in accordance with established
policies of the City regardisx3 the investment of City funds.
Resolution No. 7837
5. Ir.~estrnent bankers service:
Inc., 3601 West 29th, Sui
2942B Wanamaker Drive,
Management, Inc., 331 - 1511
Investments, 5845 S.W. 29t1
Corporation, 20 P~eachtree,~
100 Passaic 1
used to service the deposit
Passed by the City Cat~il of
January, 1992.
-2-
a, First American In~vestrnerit GtYxip,
120, ~bpeka, Kansas, 66604, Adams-Van Dyke,
ska, Kansas 66614, Professional Asset
bh Street, Del Mar CA., 92014, Kansas National
i, Topeka, IC=-u~sas, 66614, U.S. Sterling Capital
Holbrook, New York 11741, and Financial
'venue, Fairfield, New Jersey, 07004 are being
buries outside the metropolitan area.
City of Richfield this 13th day of
,.
Martin J r
ATTEST:
Ttxxnas P. Ferber City Clerk