88-7389R59
RESOLUTION. NO. 7389
A RESOLUTION DESIGNATING NORWEST BANK BLOOMINGTON
AS A DEPOSITORY FOR THE INVESTMENT OF CITY FUNDS IN 1988
AND APPROVING COLLATERAL
WHEREAS, pursuant to Minnesota Statutes, Section 475.66 and 118.005, municipal
funds may be deposited in any bank and is a member of Federal Deposit Insurance
Corporation, and
WHEREAS, the amount of said deposits may not exceed FDIC insurance covering
such deposits, which insurance presently 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 funds in savings and loan associations and banks
would provide greater flexibility in the City's investment program and maximize
interest income thereon.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, as follows:
1. That Norwest Bank Bloomington, 7900 Xerxes Avenue South, Bloomington,
Minnesota, be designated as an official depository for City funds for
1988.
1988.
2. That collateral in the amount of $410,000, is deposited for safe-
keeping with the Norwest Bank Minneapolis, is hereby approved.
Passed by the City Council of the City of Richfield, tFjis 4th day ,a)f January,
ATTEST;
Quam}~// / Mayor
~~~n
Thomas P. Ferber City Clerk