81-6360R4
RESOLUTION N0. 6360
A RESOLUTION DESIGNATING FARMERS & MECHANICS SAVINGS BANK
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 Farmers & Mechanics Savings Bank, Marquette at
6th Street, Minneapolis, Minnesota, be designated
as an official depository for City funds for 1981.
2. That collateral in the amount of $300,338, deposited for
safekeeping with First National Bank of Minneapolis, is
hereby approved:
Passed by the City Council of the City of Richfield, this 5th
day of January, 1981.
n J. Priebe Mayor
ATTEST:
Sy a K. Bergh y Clerk