90-7596RJ V
RESOLItPION Imo. 7596
A RESOLUTION DESIC~,TII~ TWIN CITY FIDERAL SAVINGS AND LOAN
AS A DEl'06ITORY F+DR THE INVF5TN~1T OF CITY FUNDS IN 1990
AND APPR~7ING COLLATERAL
4VFt~F~.S, p~u~suant to Minnesota 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 arx3 Loan Insurance Corporation, and
WFE~ZEAB, the amoRmt of said deposits may not exceed FSLIC insurance covering
such deposits, which insurarx~e presFntly amounts to $100,000, unless amount is
excess of such insurance ccverac~e is cvvpred by additional collateral pledged to
the City, and
WHEREAS, the deposit of City funds i.n savings and loan associations and banks
would provide greater flexibility in the City's investment program and maximize
interest income thereon.
NOW, SORE, EtE IT RESOL~IID by the City Council of the City of Richfield,
Minnesota, as follows:
1. That Twin City Federal Savings and Loan, Marquette at 8th Street,
Minneapolis, Mi.ru~esotz, be designated as an official depository
for City funds for 1990.
1990.
2. That collateral in the amauit of $342,237, is deposited for
safekeeping with the Federal Resexve Stank of Minneapolis, is
hexeby appY~oved -
Passed by the City Council of the City of Richfield, this 8th day of January,
ATTEST:
Thanas P. Ferber City Clerk