85-6988R30
RESOLUTION N0. 6988
A RESOLUTION DESIGNATING TWIN CITY FEDERAL SAVINGS AND IRAN
AS DEPOSITORY IDR 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, THEREFORE, BE IT RESOLVID by the City Council of the City of
Richfield, Minnesota, as follows:
1. That Twin City Federal Savings and Loan, Marquette at 8th Street,
Minneapolis, Minnesota, be designated as an official depository
for City funds for 1985•
2. That collateral in the amount of $248,742.68, deposited for
safekeeping with Midland National Bank of Minneapolis, is
herehv annrwed_