89-7494R55
RESOLUTION Imo. 7494
A RF~OLUTION DFSIQ~ITII~ TWIN CITY FIDF~tAL SAVINGS AND LQAN
AS A DF~OSITORY FOR TI-IE INVESTMENT OF CITY FUI~ID6 IN 1989
AND APPROVING COLLAT~tAL
Wf~,AS, pvrsvant to Minnesota Statutes, Section 475.66 arxi 118.005, municipal
funds may be deposited in arty savings and loan association which has its deposits
insured by the Federal Savings and Loan Insurance Corporation, aryl
WI~tEA.S, the amoant of said deposits may ryot exceed FSLIC insurance covP.rirg
such deposits, which i~ presently amounts to $100,000, unless ama~nt is
e~ooess of such insurance coverage is oavex~ed by additional collateral pledcged to
the City, arx3
WH~EAS, the deposit of City furxis in savings ar~d loan associations arxi banks
would provide greater flexibility in the City'S investment prngr-am and max;mize
interest i.ncame the't~eoci.
NOW, TF~tEFORE, BE IT RESOLVID by the City Courycil of the City of Richfield,
MiYU~.sota, as follows:
1. That Twin City Federal Savings aryd Loan, Marquette at 8th Street,
Minneapolis, Minnesota, be designated as an official depository
for City fvrx3s for 1989.
2. That collateral in the amr,7unt of $371,009, is deposited for
safekeeping with the Federal Reserve Bank of Minneapolis, is
~bY approved.
Passed by the City Council of the City of Richfield, this 3rd day of Januazy,
1989.
ATTEST:
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Thcmas P. FerbPx City Clerk