82-6625R57
RESOLUTION N0. 6625
A RESOLUTION DESIGNATING CERTAIN SAVINGS
AND LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF CITY FUNDS IN 1982
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
i~THEREAS, 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, anc?
WHEREAS, the deposits of City funds in Savings and Loan Assoc-
iations 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 des-
ignated as additional depositories for City funds for 1982.
2. The following Savings and Loan Associations and Banks
are hereby designated as additional depositories for
municipal funds
Southeastern Savings and Loan Association
810 Minnissippi Drive, P.O. Box 559
Waynesboro, Mississippi 39367
Wilmington Savincis and Loan Association
100 Avalon Boulevard
Post Office Drawer 1117
Wilmington, California 90748
State Savings
445 N. San Joaquin, P.O. Drawer D
Stockton, California 95201
3. It is further found and determined that the purpose of
such depository designation is to facilitate and proper
advantageous investment of City funds and that such
designation is nqt exclusive nor does it preclude the
deposit of any Ci~ty funds in other officially designated
depositories of t+he 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 law, such deposits to be in the
ford of demand accounts for Public iTnit 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may be made and withdrawn from time to time by the
Treasurer as her best judgement and the interests of
the City dictatesl-
5. The investment of funds and the reporting thereof
pursuant to this resolution shall be conducted in
accordance with elstablished policies of the City
regarding the inviestment of City funds.
Passed by the City C
28th day of June, 1982.
ATTESTa
K. Bergh _ C -y Cle