90-7597R57
RESOLUTION N0. 7597
A RESOLUTICd~i DESIGNATING .MIDWEST FIDEEtAL SAVINGS AND LOAN
AS A DE~06ITORY FOR THE INVESTMENT OF CITY FUI~IDS IN 1990
AMID APPF2OVING COLLATEI2AL~
WHEREAS, pursuant to Minnesota Statutes, Section 475.66 and 11:8.005, municipal
funds may be deposited in any savings aryl loan association .which has its deposits
insured by the Federal Savirygs and Loan Insurance Corporation, and
WHEREAS, the amormt of said deposits may not exceed FSLIC insurance cove.ring
such deposits, which insurance presently amounts to 5100,000, unless amount is
excess of such insurance coverage is covered by additional collateral pledged to
the City, and
WHEREAS, the deposit. of City funds in savings and loan associations and banks
would provide gr~eater• flexibility in the City's investment program and maximize
interest inoane th~.reaaz.
NOW, TARE, EfE IT RESOLVID by the City Council of the City of Richfield,
NLiru~esota, as follows:
1. That the Midwest Federal Savings and Loan Associatian,
3100 West 66th Street, Richfield, Minnesota, be designated
as an official depository for City funds for 1990.
1990.
2. That collateral in the amount of 5885,374, is deposited for
safekeeping with the Richfield E3ank and Trust Canpariy of
Richfield, Miru~esota, is hereby approved.
Passed by the City Council of the City of Richfield, this 8th day of January,
ATTEST
~" ~' ,
Thomas P. Ferber City Clerk