88-7386R56
RESOLUTION N0. 7386
RESOLUTION DESIGNATING THE FIRST MINNESOTA SAVINGS BANK
A DEPOSITORY FOR THE INVESTMENTS OF CITY FUNDS IN 1988.
AND APPROVING COLLATERAL
WHEREAS, pursuant to Minnesota Statutes, Sections 475.66 and 118.005, municipal
funds may be deposited in any savings and loan association which has its deposits
insured by the Federal Savings and. Loan Insurance Corporation, and
WHEREAS, the amount of said deposits may not exceed FSLIC insurance covering
such deposits, which insurance presently amounts to $100,000, unless amounts in
excess of such insurance coverage is covered by additional collateral pledged to the
City, and
WHEREAS, the deposit of City funds in savings and loan associations and banks
would provide greater flexibility in the City's investment program and maximize
interest income thereon.
WHEREAS,. there shall be maintained a daily interest general checking account 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 P. PROSSER, CITY MANAGER
STEVEN L. DEVICH, TREASURER
NOW, THEREFORE, BE IT RESOLVED by the City Council of the: City of Richfield,
Minnesota, as follows:
1. That First Minnesota Savings Bank, 6445 Nicollet, Richfield,
Minnesota be designated as official depository for City funds
in 1988.
2. That collateral in the amount of $944,375, is deposited for
safekeeping with Federal Home Loan Bank of Des Moines, Iowa.
Passed by the City Council of the City of Richfield, this 4th day of
January, 1988.
ATTEST:
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Thomas P. Ferber City Clerk