89-7493R54
RESOLUTION 1~U. 7493
A RESOLUTION DESIC~IATING NIIDWFST FIDERAL SAVINGS AMID LOAN
AS A DF.PO.SITORY FOR THE INVESTME~fP OF CITY FUNDS IN 1989
AND APPfiOVING 00LLATERAL
WHEREAS, pursuant to Minnesota Statutes, Section 475.66 and 118.005, municipal
furx3s may be deposited in any savings aryl loan assoc~.iation which has its deposits
irLsured by the Federal Savings ar~d Loan Insurarx~e Corporation, and
WFIERFAS, the amount of said deposits may not exceed FSLIC insurance ooverirxg
such deposits, which insurance pr~'itly amounts to $100,000, unless amount is
excess of such insurance coverage is covered by additional collateral pledged to
the City, and
WHEREAS, the deposit of City furxls in savings and loan associations and banks
would provide greater' flexibility in the City's investment program and max; m;y~
interest iryaome thereon.
NOW, Z~EFC)RE, BE IT RESOLVID by the City Council of the City of Richfield,
Misu~`,ota, as follows:
1. -That the Midwest Federal Savings and Loan Association,
3100 West 66th Street, Richfield, Minnesota, be designated
as an official depository for City funds for 1989.
2. That collateral in the amount of $994,321, is .deposited for
safekeeping with the Richfield Bank arx3 Trust Cac~any of
Richfield, Minnesota, is hereby approved.
Passed by the City Coil of the City of Richfield, this 3rd day of Jarwary,
1989.
ATTEST:
-E~2~-~
O C
Thanas P. Ferber City Clerk