90-7599R59
RESOLITPICH~T ND 7599
A RESOLt~ION DESIC~-TING C~'PAIN SAVINGS AMID LOAN
ASSOCIATIOrS AND BANFGS AS DEP06ITORIES
FCE2 THE INVFSTME[~ OF CITY.. FUND6 IN 1990
BE IT RE90LVID by the City Caaycil of the City of Richfield, Minnesota
WHEREAS, pursuant to ~ Statutes, Section 475.66 aril 118.005, municipal
funds may be deposited in any Savings arxi Loan Association which has its deposits
insured by the Feder"dl Savirygs arxi Loan Insurance Corporation, and
WHEREAS, the amamt of said deposits may not exceed the Federal Savings and
Loan Insuraryoe Corporation 3r~ covering such deposits which i:nsurarx~e amount
is presently $100,000, and
WHEREAS, the deposit of City funds in Savings and Loan Associations and Banks
would provide greater flexibility in the City's 3:rnrestrnent program and maximize
interest irx~ane theYeal.
NOW, ZEE, BE IT RESOLVED by the City Cotmcil of the City of Richfield,
Minnesota, as follows:
1. It is hereby fourrl arxi determined that it is in the best
interests of the proper dent of City funds that
_ certain Savings and Loan Associations arxi Banks be designated
as additional depositories for City funds for 1990.
2 The follaaing Savings and Loan Associations and Banks in
the metropolitan area are designated as additional depositories
far municipal funds.
First National Bank of St. Paul
332 Miru~esota Street
St. Paul, Miruyesota 55101
Marquette Bank Minneapolis
NSarquette St. 6th Street
Misu~eapolis, Minnesota 55480
Noxwest Bank of Minneapolis
7900 Xerxes Avenue South
Bloanitygton, Minnesota 55431
3. It is further found aryl determined that the-purpose of such
depository designation is to facilitate the proper arxi ad-
vantageous inroest<nents of City funds arxi that such designation
is not exclusive rnr does it preclude the deposit of any City
furx3s in othex officially designated depositories of the City.
4. The Treasurer is hereby authorized to deposit City funds in any
or all of the depositaries herein designated up to the amount of
5100,000, or such other amount as may be subsequently permitted
Resolution No.
by law, such deposits to l
Public Unit Savings Certi:
to the City of Richfield ~
Such deposits may be made
Treasurer as his/her best
dictates.
5. The ir~ves~Gnent of funds a
this resolution shall bey
lisped policies of the Ci
furxis.
6. Investment bankers service
Inc., 3601 West 29th, Suitt
. Beach Sav;~ & Loan, 101
CA., 90802, Professional A
Street, Del Mar CA., 92014
Olive St. , Wakarusa, Kansa;
Center Drive, Newport Beam
Investments, 5845 S.W. 29t1
Clearing Corp., 7400 Metzro
are being used to service
Passed by the City Ca~uril of
January, 1990.
ATTEST:
Z~ccnas P. Ferber City Clerk
-2-
in the form of demand aeoounts for
cotes purchased by the City, payable
~ the signatures of the City Treasurer.
rid withdrawn from time to time by the
udgement arxi the internsts of the City
the reporting thereof pursuant to
ducted 3n aeaordaix~e with estab-
regarding the inroestment of City
First American Irivestrnent Group,
120, Tape]{a, Kansas, 66604, Long
ng Beach Boulevard, Long Beach.
et Management, Inc., 331 - 15th
Goldstone Investment Corp., 9832
66546, Ldber-ty Group, 500 Newport
CA., 92660, Kansas National
ZbpeJta, Kansas, 66614, and Bankers
Blvd. Suite 355, Edina, Miru~esota 55435,
e depositories outside the metropolitan area.
City of Richfield this 8th day of