84-6857R~z
RESOLUTION Y0. 6857
A .RESOLUTION DESIG~tATI~~G TS1IV CITY F~~tAL SAVINGS AND LOAN
AS DEPOSITORY FOR THE ~NEST'KENT OF CITY r'UNDS LV 1984
AND APPROVING COLLATERAL
~, gursuant to iii.nnesota Statutes, Section 475.66 and 118.17, municipal
funds may be deposited is any savings and Loan association which has its deposits
insured by the Federal Savings and Loan Insurance Corporation, and
W'HE,REAS, the amount of said deposits may not eacceed ~LIC 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 f1e.~iblity in the City's investment program and
caaximize interest income thereon.
NQW, THEREFORE, BE IT RESOLVED bq the City Council of~the City of Richfield,
Minnesota, as follows:
I. That Twin City Federal Savings and Loan, ylarquette at 8th Street,
Minneapolis, Minnesota, be designated as an official depository
for City funds for 1984.
2. That collateral in tl~e amount of $246,253 deposited for safe_keaping
with Midland National Bank of Minneapolis, is hereby approved.
Passed by the City Council of the City _o_f__Rich~ieldr__r ~s _ 3rd day of
January, 1984.
ATTEST:
Sy a K. 3ergh~ City Clerk