83-6705R31
RESOLUTION N0. 6705
A RESOLUT ION DESIGNATING MIDWEST FEDERAL SAVINGS & LOAN
AS DEPOSITORY FOR THE INVESTMENT OF CITY FUNDS IN 1983
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 fo $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 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. That the Midwest Federal Savings and Loan Association,
3100 West 66th Street, Richfield, Minnesota, be. designated
as an official depository for City funds for 1983.
Z. That collateral in the amount of $1,000,590 deposited for
safekeeping with the Richfield Bank and Trust Company of
Richfield, Minnesota, is hereby approved.
Passed by the City Council of the City of Richfield, this 3rd day of
January, 1983.
ATTEST:
Syl a K. Bergh C' Clerk