83-6708R34
RESOLUTION N0. 6708
A RESOLUTION DESIGNATING F & M MARQUETTE NATIONAL BANK
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 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 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 F & M Marquette National Bank, Marquette at 6th
Street, Minneapolis, Minnesota, be designated as an
official depository for .City funds for 1983.
2. That collateral in the amount of $367,498, deposited for
safekeeping with First National Bank of Minneapolis, is
hereby approved:
Passed by the City Council of the City of Richfie
day of January, 1983. ,~
ATTEST:
Sy a K. Bergh City erk
this 3rd