83-6707R:i:3
RESOLUTION N0. 6707
A RESOLUTION DESIGNATING CERTAIN SAVINGS
AND LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF CITY FUND5 IN 1983
BE IT RESOLVED by the City Council of the City of Richfield, Minnesota.
WHEREAS, pursuant to Minnesota 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
WHEREAS, 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 Swings 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 1983.
2. The following Savings and Loan Associations and Banks are hereby
designated as additional depositories for municipal funds:
First Federal Savings of Minneapolis
6445 Nicollet Avenue South
Richfield, Minnesota 55423
Minnesota Federal Savings
98 West 66th Street
Richfield, Minnesota 55423
First National Bank of St. Paul
332 Minnesota Street
Stl Paul, Minnesota 55101
Northwestern National Bank Southwest
7900 Xerxes Avenue South
Bloomington, Minnesota 55431
Southeastern Savings and Loan Association
810 Mississippi Drive, P. 0. Box 559
Waynesboro, Mississippi 39367
Wilmington Savings and Loan Association
'100 Avalon Boulevard
P. 0. Drawer 1117
Wilmington, California 90748
Resolution No. -2-
State Savings and Loan Association
445 N.'~San Joaquin, P. 0. Drawer D
Stockton, California 95201
3. It is further found and determined that the purpose of such
depository designation is to facilitate the proper and
advantageous 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.
4. 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 Iaw, 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.
Sueh deposits may be .made and withdrawn from time to time by the
Treasurer 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 conducted in accordance with established
policies of the City regarding the investment of City funds.
6. An investment bankers service, National Money Market Services, Inc.,
3601 West 29th, Suite 120, Topeka, Kansas, 6b604, 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, 1983.
ATTEST:
Sy is K. Bergh erk
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