84-6856R81
RESOLUTION NO. 6856
A RESOLUTION DESIG;tAT~TG MIDWEST r'EDERAL SdVNGS & LOA~v
AS DEPOS2TORY FOR THE INVEST`2E~YT OF CITY Fi7NDS IN 1984
AND APPROVI`1G COLLATERAL
WfiEREAS, pursuant to Minnesota Statutes, Section 475.06 aad 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
WHE.4E.SS, the amount of said deposits may not exceed FSLIC insurance covering '
such depos:its, which insurance gresently amounts fo $100,000, unless amounts in
excess of such insurance caverage is covered by additional collateral pledged to
the City, and
WH~tEAS, the deposit of City funds in savings and Ioaa associations and banks
would provide .greater flexibility in the City's investment program and maximize
interest income thereon.
NOW, THERE`r'ORE BE IT RESOLVED by the City Council of the City of Richfield,
i3.nnesota, as follows:
I. That the Midwest Federal Savings aad Loan Association,
3IOfl West 65th Street, Richfield, Minnesota, be: designated
as an official depository for City fund far 1984.
a~~, i,~~.80
2. That collateral in the amount of $1,199,120 deposited for
safekeepS.ng with. file Richfield Bank and Trust Company of
Richfield, Minnesota, is .hereby approved.