01-11 Resolution No. 11927
RESOLUTIONNO.
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN
ASSOCIATIONS, BANKS, ANDCREDIT UNIONS AS DEPOSITORIES FOR
THE DEPOSIT ANDINVESTMENT OF CITYFUNDSIN 2022
BEITRESOLVED, bytheCityCouncilof CityofRichfield(City), Minnesota
WHEREAS, pursuant to Minnesota Statutes, Sections 118A.01 – 118A.06,
municipal funds may be deposited in any Savings and Loan Association, Bank or
CreditUnion which has its deposits insured by the Federal Deposit Insurance
Corporation (FDIC) ortheNationalCreditUnionAdministration(NCUA);and
WHEREAS, the amount of said deposits may not exceed the FDIC/NCUA
insurancecoveringsuchdepositswhichinsuranceamountispresently$250,000;and
WHEREAS, the deposit of City funds in Savings and Loan Associations and
Bankswould provide greater flexibility in the City’s investment program and maximize
interestincomethereon;and
NOW,THEREFORE,BE ITRESOLVED, bythe CityCouncilofthe Cityof
Richfield, Minnesota, as follows:
1.It is hereby found and determined that itis in the best interest of the
property management ofCity funds that various banks be designated
as additionaldepositories forCity funds for2022.
2.It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous deposit and
investmentof City funds and that such designation is not exclusive nor does
it preclude the deposit ofany Cityfundsin otherofficiallydesignated
depositoriesofthe City.
3.The Finance Director is hereby authorized to deposit City funds in various
depositories up to the amount of $250,000, or such other amount as may
besubsequently permitted by law, such deposits to be in the form of
demandaccounts, payable to the Cityon the signature of the Finance
Director. Such deposits may be made and withdrawn from time to time by
the Finance DirectorastheirbestjudgmentandtheinterestsoftheCity
dictates.
4.The investment of funds and the reporting thereof pursuant to this resolution
shall be conducted in accordance with established policies of the City
regardingtheinvestment of City funds.
Adopted by the City Council of the Cityof Richfield, Minnesota this 11th
day of January, 2022.
MariaReganGonzalez,Mayor
ATTEST
KariSinning, CityClerk