82-6563R90
RESOLUTION NO. 656 3
A RESOLUTION DESIGNATING CERTAIN SAVINGS
AND"LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF CITY FUND5 IN 198.2
BE IT RESOLVED by the City-Council of the City of Richfield, Minnesota.
WHEREAS, pursuant to Minnesota Statutes, Secfions 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 the Federal Savings and
Loan Insurance Corporation insurance covering such deposits which insurance amount
is presently $100,000, 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. 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 designated 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:
First Federal Savings of Minneapolis
6445 Nicollet Avenue South
Richfield, Minnesota 55423
Hennepin Federal Savings and Loan
818 Marquette Avenue
Minneapolis, Minnesota 55402
Minnesota Federal Savings
98 West 66th Street
Richfield, Minnesota 55423
First National Bank of St. Paul
332 Minnesota Street
St. Paul, Minnesota55101
Northwestern National Bank Southwest
7900 Xerxes Avenue South
Bloomington, Minnesota. 55431
3. It is further found and determined that the purpose of such
depository designation is to facilitate the proper and
advantageous investment'jof City funds and that such designation
is not exclusive nor does it preclude the deposit of any City
funds in other official~lly designated depositories of the City.
4. The Treasurer is herebyl~!,authorized to deposit City funds in any
or all of the depositor~'iies herein designated up to .the amount of
$100,000, or such other amount as may be subsequently permitted
by law, such deposits t'I be in the form of demand accounts for
Public Unit Savings Certificates purchased by the City, payable
to the City of Richfielld on the signatures of the City Treasurer.
Such deposits may be made and withdrawn from time to time by ,the
Treasurer as her best jjudgment and the interests of .the City
dictates. '~
5. The investment of funds and the reporting thereof pursuant to
this resolution shall b,e conducted in accordance-with established
policies of the City regarding the investment of City funds.
Passed by the City Council of the City of Richfield/,~~is.4th day of
January, 1982. ~. /~
~~,
bhn Hami1 Mayor
v
ATTEST:
Syly' K. Bergh City Cl