81-6358R2
RESOLUTION N0. 6358
A RESOLUTION DESIGNATING TWIN CITY FEDERAL SAVINGS AND LOAN
AS DEPOSITORY FOR THE INVESTMENT OF CITY FUNDS IN 1981.
AND APPROVING COLLATERAL
WHEREAS, pursuant to Minnesota Statutes, Section 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 FSLIC insurance
covering such deposits, which insurance presently amounts to $.100,000, unless
amounts in excess of such insurance coverage is covered by additional collateral
pledged to the City, 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. That Twin City Federal Savings and Loan, Marquette at
8th Street, Minneapolis, Minnesota, be designated as
an official depository for City funds for 1981.
2. That collateral in the amount of $195,050, deposited for
safekeeping with Midland National Bank of Minneapolis,
is hereby approved.
Passed by the City Council of the City of Richfield, this 5th day
o £ January, 1981.
ona Priebe ay r
ATTEST:
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Syly" K. Bergh Ci lerk