90-7595R55
RESOLUTION NO. 7595
RESOLU'T'ION DESIGNATING THE FIRST MII~IIVESOTA SAVINGS BAN[{
A DEPCISITaRY F~2 THE INVESZT~1'IS OF CITY FiJI~ID6 IN 1990
AND APPf~fJVING COLLATERAL
Wf-IERFAS, pursuant to M3rme.9ota Statutes, Sections 475.66 ar~d 118.005, municipal
furxis may be deposited in arty savings arr3 loan association which has its deposits
insured by the Federal. Sav3r~gs and Loan Insurance Corporation, arx3
Wf~~2EAS, the amount of said deposits may not exceed FSLIC insurance covpxing
such deposits, which insurar~oe presently amounts to $100,000, unless amounts in
excess of such insurarx~e cue is oovpred by additional ~llateral pledged to the
City, and
WHEREPS, the deposit of City funds in savings arr3 loan associations and banks
would provide greater flexibility in the City's investment program and maximize
internst irx~ie thereon.
Wf~'AS, there shall be maintained a daily interest general checking account in
which shall be deposited all monies far the city licenses. Checks on this account
shall be signed by the following officers ar their facsimile signatures:
JAMES D. PRQSSER, CITY N~,I~II~
STh,VII~T L. DEVICH, Z~tF,ASlJRER
NC)W, SORE, BE IT RF50LVED by the City C.amcil of the City of Richfield,
Minnesota, as follows:
1. That First Minnesota Savings Bank, 6445 Nioollet, Richfield,
Minnesota be designated as official depository for City funds
in 1990.
2. That ocllateral in the amauzt of $983,125, is deposited for
safekeepirx3 with Federal Home Loan Bank of Des Nbines, Iowa.
Passed by the City Cauril of the City of Richfield, this 8th day of
January, 1990.
ATTEST:
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Thrxt~as P. Ferber City Clerk