86-7130RRESOLUTION N0. 7130
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND
LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF CITY FUNDS IN 1986.
BE IT RESOLVID by the City Couneil of the City of Richfield, Minnesota.
WHEREAS, pursuant to Minnesota Statutes, Seetion x+75.66 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 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 follows:
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
1986.
2. The following Savings and Loan Associations and Banks in
the metropolitan area are designated as additional depos-
itories for municipal funds:
First National Bank of St. Paul
332 Minnesota Street
St. Paul, MN 55101
F & M Marquette National Bank
Marquette at 6th Street
Minneapolis, MN 55+80
Norwest Bank Southwest
7900 Xerxes Avenue South
Bloomington, MN 5531
3• It is further found and determined that the purpose of such
depository designation is to facilitate the proper and ad-
vantageous investment 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.
Resolution No.
4. The Treasurer is her
or all of the deposi
$100,000, or such of
by law, such deposit
Public Unit Savings
to the City of Richf
Such deposits may be
Treasurer as his/her
dictates.
-2-
by authorized to .deposit City funds in any
ories herein designated up to the amount of
er amount as may be subsequently permitted
to be in the form of demand accounts for
ertificates purchased by the City, payable
eld on the signatures of the City Treasurer.
made and withdrawn from time to time by the
best judgment and the interests of the City
5. The investment of funds and the reporting thereof pursuant to
this resolution shall be conducted in accordance with estab-'
lished policies of the City regarding the investment of City
funds. '
6. Investment bankers services, First American Investment Group,
Inc., 3601 West 29th,', Suite 120, Topeka, Kansas, 66604, Long
Beach Savings & Loan,'i 101 Long Beach Boulevard, Long Beach,
CA, 90802 and Professional Asset Management, Inc., 221 - 15th
Street, Del Mar CA, 9'..,2014, Goldstone Investment Corp., 9832
Oline St., Wakarusa,!KS, 66546 are being used to service the
depositories outside ',the metropolitan area.
Passed by the C qty Council) of the City of Richfield, this 2nd day of
January, 1986.
ATTEST:
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c~t~Z~i~
omas P. Ferber City Clerk