01-18-2022 EDA Resolution No. 36EDA RESOLUTION NO. 36
RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF
ECONOMIC DEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 2022
WHEREAS, the Economic Development Authority of Richfield has money which is
available for investment; and
WHEREAS, different financial institutions offer different rates of return on
investments; and
WHEREAS, the Economic Development Authority of Richfield shall purchase U. S.
Treasury Bills, U. S. Treasury Notes and other such government securities in the
manner required by law from the institution offering the highest rate to the Economic
Development Authority of Richfield providing greater flexibility in the investment
program and maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED, by the Economic Development Authority
of Richfield, Minnesota, in accordance with Minnesota Statutes, Sections 118A.01 –
118A.06, as follows:
1. It is hereby found and determined that it is in the best interest of the proper
management of Economic Development Authority of Richfield funds that
certain financial institutions be designated as additional depositories for
Economic Development Authority of Richfield funds for 2022.
2. The following financial institutions designated as depositories for the Economic
Development Authority of Richfield funds:
RBC Capital Markets. Raymond James & Assoc.
4M Fund Oppenheimer & Co.
Wells Fargo Institutional Retirement & Trust
Northland Securities, Inc.
3. The Finance Director is hereby authorized to deposit the Economic
Development Authority of Richfield funds in any or all of the depositories
herein designated. Such deposits may be made and withdrawn from time to
time by the Finance Director’s judgment and as the interest of the Economic
Development Authority of Richfield dictates.
4. The investment of funds and the reporting thereof pursuant to this resolution
shall be conducted in accordance with established policies regarding the
investment of these funds.
Adopted by the Economic Development Authority of Richfield, Minnesota this 18th day
of January, 2022.
Mary B. Supple, President
ATTEST:
Melissa Poehlman, Interim Executive Director