89-7492RJ J
RESOLUTION Imo. 7492
RESOLUTION DESIC~IATING THE FIRST. MIIVIJFSO'PA SAVINGS BANK
A DEPQSITORY FOR THE INVES'II~fPS OF CITY FUNDS IN 1989
AND APPF~VII~ COLLATERAL
WHEREAS, pursuant to Minnesota Statutes, Sections 475.66 and 118.005, municipal
funds may be deposited in any savings an3 loan association which has its deposits
insured by the Federal Savings and Loan Insurance Corporation, and.
WHEREAS, the amo~mt of said deposits may not exceed FSLIC insurance ooverir~g
such deposits, which insurance presently amamts to $100,000, unless amounts in
excess of such-i~~ce coverage is oovex+ed by additional collateral pledged to the
City, and .
WHEREAS, the deposit of City funds in savings and loan as~or-iatia~s and banks
would provide greater flexibility in the City's investment program and maximize
interest inoane th~ex~eon.
WHEREAS, there shall be maintained a daily interest - checJcing aeeotmt in
which shall be deposited all monies for the city licenses. Checks on this account
shall be signed by the following officers or their facsimile signatures:
JAMES D. PRfJ6SER, CITY N~-NAGER
STEVII~1 L. DEVICH, Z~t~,ASURER
NC7W, THEREFnRE, BE IT RESOLVID by the City Ca~uril of the City of Richfield,
Minmesota, as follows:
1. That First Minnesota Savings Bank, 6445 Nioollet, Richfield,
Minnesota be designated as official depository for City funds
in 1989.
2. That collateral in the amatmt of $944,375, is deposited for
safekeeping with Federal Hone Loan Bank of Des Moines, Iowa.
Passed by the City Cauril of the City of Richfield, this 3rd day of
January, 1989.
ATTEST:
f,~
Thanas P. Ferber City Clerk