85-6987R29
RESOLUTION N0. 6987
A RESOLUTION DESIGNATING MIDWEST FEDERAL SAVINGS & LOAN
AS DEPOSITORY FnR 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
amount 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, THEREFnRE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota, as follows:
1.
2.
That the Midwest Federal Savings and Loan Association,
3100 West 66th Street, Richfield, Minesota, be designated
as an official depository for City funds for 1985•
That collateral in the amount of $1,118,940.00, deposited for
safekeeping with the Richfield Bank and Trust Company of
Richfield, Minnesota, is hers
Passed by the City Council of the
January, 1985•