81-6362R6
RESOLUTION N0. 6362
A RESOLUTION DESIGNATING CERTAIN SAVINGS
AND LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF CITY FUNDS IN 1981
BE IT RESOLVED by the City Council of .the City of Richfield, Minnesota.
WHEREAS, pursuant to Minnesota Statutes, Sections 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 's aid 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 1981.
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
Home Federal Savings
500 West 98th Street
Minneapolis, Minnesota 55420
First National Bank of St. Paul
332 Minnesota Street
St. Paul, Minnesota 55101
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 of City funds and that such designation
is not exclusive nor does it preclude the deposit of any City
funds in other officially designated depositories of the City..
_. _~. _ . ~
4. The Treasurer is hereby. authorized to deposit City funds in any
or all of the depositories .herein designated up to .the amount of
$100,000, or such other amount as may be subsequently permitted
by law, such deposits to be in the form of demand accounts for
Public Unit Savings Certificates purchased by the City, payable
to the City.o~ Richfield on the signatures of the City Treasurer.
Such depo '~s may be made and withdrawn from time to time by the
Treasurer as fier best judgment and the interests of the City
dictates. ~
5. The investment of funds and the reporting thereof pursuant to
- this resolution shall be 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, this 5th day of
' January, 1981.
on d J..Priebe ayor
ATTEST:
Syl K. Bergh C' Clerk