84-6858R~j
RESOLUTION N0. 6858
A RESOLUTION DESIGNATING.CERTAIN SAVINGS AND
LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF CITY FUNDS IN 1984
BE IT RESOLVED by the City Council of the City of Richfield, Minnesota.
WHEREAS, pursuant to Minneaota Statutes, Sections 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
~5, 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
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 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 1984..
2. The following Savings and Loan Associations and Banks in the metropolitan
area designated as additional depositories for municipal funds:
First National Bank of St. Paul
332 Minnesota Street
St. Paul, Minnesota 55101
- F & M Marquette National Bank
Marquette at 6th Street
Minneapolis, Minnesota 55480
Northwestern National Bank Southwest
7900 Xerxes Avenue South
Bloomington, Minnesota 55431
3. It is further found and determined that
designation is to facilitate the proper
City funds and that such designation is
preclude the deposit of any City funds
depositories of the City.
the gurpose of such depository
and advantageous investment of
not exclusive nor does it
in other officially designated
Resolution No.
4.
-2-
The Treasurer is hereby authorized to deposit City funds in any
or all of the depositories herein designated up to the amount of
$100,000, or. such other amount as may be subsequently permitted by
law.,. such deposits to be in the form of demand accounts for Public
Unit Savings Certificates purchased by the City, payable to the
City of Richfield on the signatures of the City Treasurer. Such
deposits may be made and withdrawn from time to time by the Trees-
user as his/her best judgment and the interests of the City dictates.
5. The investment of funds and the reporting thereof pursuant to this
resolution shall be condu'Ited in accordance with established policies
of the City regarding thelinvestment of City funds.
6. Aa investment bankers service, National Money Market Services, Inc.,
3601 West 29th, Suite 120', Topeka, Kansas, 6.6604, is being used to
service the depositories outside the metropolitan area.
Passed by the City Council of the City of Richfield, this 3rd day of
January, 1984.
ATTEST: '~
i
y 'a K. Bergh ty Clerk
i