85-6989R31
RESOLUTION N0. 6989
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND
LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMIIVT OF CITY FUNDS IN 1985
BE IT RESOLVID by the City Council of the City of Richfield, Minnesota.
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
Wf~REAS, 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
~rJHEREAS, 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, THEREFC?RE, ~ 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
1985.
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. Paui, MN 55101
F & M Marquette National Bank
Marquette at 6th Street
Minneapolis, MN 55480
Norwest Bank Southwest
7900 Xerxes Avenue South
Bloomington, MN 55431
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. 6989
4. The Treasurer is he:
or all of the depos
$100,000, or such o'
by law, such deposi
Public Unit Savings.
to the City of Rich
Such deposits may b
Treasurer as his/he
dictates.
5. The investment of f
this resolution sha
lished policies of
funds.
6. Investment bankers
Inc., 3601 West 29t
Beach Savings & Loa
CA, 90802 and Profs
Street, Del Mar CA,
depositories outsc
-2-
by authorized to deposit City funds in any
Aries herein designated up to the amount of
per 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made and withdrawn from time to time by the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
s and the reporting thereof pursuant to
be conducted in accordance with estab-
City regarding the investment of City
ervices, First American Investment Group,
Suite 120, Topeka, Kansas, 66604, Long
101 Long Beach Boulevard, Long Beach,
signal Asset Management, Inc., 221 - 15th
X2014, are being used to service the
the metropolitan area.
Passed by the City Council of the
January, 1985. ~,