80-6201R72
RESOLUTION N0. 6201
A RESOLUTION DESIGNATING FARMERS & MECHANICS SAVINGS BANK
AS DEPOSITORY FOR THE INVESTMENT OF CITY FUNDS IN 1980
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 1980.
2. That collateral in the amount of $262,654 deposited
for safe keeping with First National Bank of Minneapolis,
is hereby approved.
Passed by the City Council of the City of Richfield, this 14th
day of January, 1980.
Donald J. Priebe Mayor
ATTEST:
r
Sy K. Bergh Acting Ci Cler