01-18-2022 HRA Resolution No. 1421HRA RESOLUTION NO. 1421
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS, BANKS
AND CREDIT UNIONS AS DEPOSITORIES FOR THE INVESTMENT OF HOUSING AND
REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 2022
BE IT RESOLVED, by the Housing and Redevelopment Authority of Richfield,
Minnesota:
WHEREAS, pursuant to Minnesota Statutes, Sections 118A.01 – 118A.06, municipal
funds may be deposited in any Savings and Loan Association, Bank or Credit Union which has
its deposits insured by the Federal Deposit Insurance Corporation (FDIC), or National Credit
Union Administration (NCUA); and
WHEREAS, the amount of said deposits may not exceed the FDIC/NCUA insurance
covering such deposits which insurance amount is presently $250,000; and
WHEREAS, the deposit of Housing and Redevelopment Authority funds in Savings and
Loan Associations and Banks would provide greater flexibility in the Housing and
Redevelopment Authority’s investment program and maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment Authority
of Richfield, Minnesota, as follows:
1. It is hereby found and determined that it is in the best interest of the proper
management of Housing and Redevelopment Authority funds that certain Savings
and Loan Association and Banks be designated as additional depositories for
Housing and Redevelopment Authority funds for 2022.
2. It is further found and determined that the purpose of such depository designation is
to facilitate the proper and advantageous investments of Housing and
Redevelopment Authority funds and that such designation is not exclusive nor does it
preclude the deposit of any Housing and Redevelopment Authority funds in other
officially designated depositories of the Housing and Redevelopment Authority.
3. The Finance Director is hereby authorized to deposit Housing and Redevelopment
Authority funds in various depositories up to the amount of $250,000, or such other
amount as may be subsequently permitted by law, such deposits to be in the form of
demand accounts, payable to the Housing and Redevelopment Authority of Richfield
on the signatures of the Housing and Redevelopment Authority Finance Director.
Such deposits may be made and withdrawn from time to time by the Finance
Director as his best judgment and the interests of the Housing and Redevelopment
Authority dictates.
4. The investment of funds and the reporting thereof pursuant to this resolution shall be
conducted in accordance with established policies of the Housing and
Redevelopment Authority regarding the investment of Housing and Redevelopment
Authority funds.
Adopted by the Housing and Redevelopment Authority of Richfield, Minnesota this 18th day of
January, 2022.
Mary B. Supple, Chair
ATTEST:
Maria Regan Gonzalez, Secretary