85-6986R28
RESOLUTION N0. 6986
A RESOLUTION DESIGNATING FIRST FIDERAL SAVINGS AND IRAN
AS DEPOSITORY FOR THE INVESTMENT OF CITY FUNDS IN 1985
AND APPROVING COLLATERAL
WHEREAS, 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 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, THEREFbRE, BE IT RESOLVID by the City Council of the City of
Richfield, Minnesota, as follows:
1. That First Federal Savings and Loan, 6445 Nicollet, Richfield, Minn.
be designated as official depository for City funds in 1985•
2. That collateral in the amount of unlimited funds, deposited for
safekeeping with Federal Home Loan Bank of ~es nines, Iowa.
Passed by the City Council of the City/pf Richf' ld, this 2nd day of
January, 1985.• /~, ,~
ATTE~r: 1 ~
~~
en L. Devich Acting City Clerk