86-7127R3
RESOLUTION N0. 7127
A RESOLUTION DESIGNATING FIRST MINNESOTA SAVINGS BANK
AS DEPOSITORY FOR THE INVESTMENT OF CITY FUNDS IN 1986
AND APPROVING COLLATERAL _
ti~iEREAS, pursuant to Minnesota Statutes, Section 475.66 and 118.17,
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 coverageis 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.
L~f-IEREAS, there shall be maintained a daily interest general checking
account in which shall be deposited all monies from the city .licenses. Checks
on this account shall be signed by the following officers on their facsimile
signatures:
JOHN G. CARTWRIGHT, 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 1986.
2. That collateral in the amount of unlimited funds, deposited for
.safekeeping with Federal Home Loan Bank of Des Moines, Iowa.
Passed by the City Council of the City of Richfield, this 2nd day of
January, 1986.
ATTEST:
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Thomas P. Ferber City Clerk