88-7391RO1
RESOLUTION NO 7391
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND LOAN
ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF CITY FUNDS IN 1988
BE IT RESOLVED by the City Council of the City of Richfield, Minnesota
WHEREAS, pursuant to Minnesota Statutes, Section 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 the Federal Savings and
Loan Insurance Corporation insurance covering such deposits which insurance amount
is presently $100,000, 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 fo Mows:
1. It is hereby found and determined that it is in the best
interests of the proper management of City funds that
certain Savings and Loan Associations and Banks be designated
as additional depositories for City funds for 1988.
2 The following Savings- and Loan Associations and Banks in
the metropolitan area are designated as additional depositories
for municipal funds.
First National Bank of St. Paul
332 Minnesota Street
St. Paul, Minnesota 55101
Marquette Bank Minneapolis
Marquette St. 6th Street
Minneapolis, Minnesota 55480
3. It is further found and determined that the purpose of such
depository designation is to facilitate the proper 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 other officially designated depositories 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 amount of
$100,000, or such other amount as may be subsequently permitted
by law,- such deposits to be in the form of demand accounts for
Public Unit Savings Certificates purchased by the City, payable
to the City of Richfield on the signatures of the City Treasurer.
Such deposits may be made and withdrawn from time to time by the
Resolution No.
-2-
Treasurer as his/her best judgement and the interests of the City
dictates.
5. The investment of funds and the reporting thereof pursuant to
this resolution- shall b .conducted in accordance with estab-
lished policies of the ity regarding. the investment of City
funds.
6. Investment. bankers serv ces, First American Investment Group,
Inc., 3601 West 29th, Site 120, Topeka, Kansas, 66604, Long
Beach Savings & Loan, 1Q1 Long Beach Boulevard, Long Beach,
CA.-, 90802, Professional Asset Management, Inca, 331 - 15th
Street, Del Mar CA., 92014, Goldstone Investment Corp., 9832
Oline St., Wakarusa, Kansas, 66546, Liberty Group, 500 Newport
Center Drive, Newport Bach, CA., 92660 and Kansas National
Investments, 5845 S.W. 9th, Topeka, Kansas, 66614 are being
used to service the depositories outside the metropolitan area.
P~ssed by the City Council of the City of Richfield this Myth day of~
Januar 1988.
,/ ~
ATTEST:
omas P. Ferber
,~
every J . Qu
ty Cler
Mayor