89-7496R57
RE50LVI'ION N0. 7496
A RESOLUPION DESIQ~ITII~ CEF~PAIN SAVINGS AMID LrQAN
AS.SOCIATI~S AMID BAI~IICS AS DEF06ITORIES
FOl2 THE INVESTMENT OF CITY FUI~ID6 IN ` 1989
BE IT RFSOLVID by the City Coturil of the City of Richfield, Miru~esota
UJ~~tEAS, p~u~s'vant t4 Minnesota Statutes, Section 475.66 and 118.005, municipal
funds may be deposited in any Savings aryl Loan Association which has its deposits
insured by the Federal Savings and Loan Insurance Corporation, and
wHEI2F'AS, the amotmt of said deposits may not ex~oeed the Federal Savings and
Doan Insurance Corporation insurance oovpxing such deposits which insurance amo~uzt
is presently $100,000, arxi
Wf~tE'AS, the deposit of City furxis in Savings and Loan Associations ar~d Hanks
would provide greater flexibility in the City's in~str~t program and max; m;zg
interest inoane thereon.
. NOW, Tf~~Off2E, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, as follows:
1. It is hereby found and determined that it is in the best
interests of the propex' management of City funds that
certain Savings arxi Loan Associations arxi Banks be designated
as additional depositaries for City funds for 1989.
2 The following Savings and Doan Associations and Banks in
the metropolitan area are designated as additional depositaries
for municipal funds.
First National Bank of St. Paul
332 Minr~.sota Street
St. Paul, Minnesota 55101
Marquette Bank Miru~eapolis
Marquette St. 6th Street
Minneapolis, Minnesota 55480
Norwest Bank of Minneapolis
7900 Xerxes Avenue South
Bloanirxlton, Minnesota 55431
3. It is furthex found and determi.r~ed that the purpose of such
depository desicg~ation is to facilitate the pr~apex and ad-
vantageous investments of City funds and that such designation
is not exclusive nor does it preclude the deposit of any City
funds in othex officially designated depositaries of the City.
4. The Treasurer is hereby authorized to deposit City funds in any
or all of the depositories herein designated up to the aim~uzt of
$100,000, or such other amount as may be subsequently permitted
Resolution No.
by law, such deposits to be in the farm of dgnand aoaounts four
Public Unit Savings Certifi tes purr~~sed by the City, payable
to the City of Richfield on the signatures of the City Treasurpx.
Such deposits may be made withdrawn from time to time by the
Treasurer as his/her best judgement and the interests of the City
dictates.
5 . The irrvest~rnnt of funds and the reporting thP.reof pursuant to
this rerolution shall be ~ in aooordanoe with estab-
lisped policies of the City regarding the irYV~es~trnent of City
furx~s.
6. IrYVesttnent bankers servioes
Inc., 3601 West 29th, Suite
Beach Savings & Loan, 101 L
CA., 90802, Professional As.
Street, Del Mar CA., 92014,
Olive St., Wakarusa, Kansas
Center Drive, Newport Beach
Invesfiments, 5845 S.W. 29th
Clearing Corp., 7400 Metro;
are being used to service t
First American Im~.stment Group,
120, Zbpeka, Kansas, 66604, Lang
cog Beach Boulevard, Long Beach,
set Management, Inc., 331 - 15th
Goldsta~e Investment Corp., 9832
66546, Idberty Gaup, 500 Newport
CA., 92660, Kan.~as National
Topeka, Kansas, 66614, and Bankers
Blvd. Suite 355, Edina, Minne.9ota 55435,
e depositories outside the metropolitan area.
Passed by the City Cotuycil of
January, 1989.
ATTF~T:
r
Thomas P. Ferber City Clerk
City of Richfield this 3rd day of
~ ~