80-6202R73
RESOLUTION N0. 6202
A RESOLUTION DESIGNATING MIDWEST FEDERAL SAVINGS & LOAN
AS DEPOSITORY FOR THE INVESTMENT OF CITY FUNDS IN 1980
AND APPROVING COLLATERAL
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 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 addit-
ional 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 the Midwest Federal Savings and Loan Association,
3100 West 66th Street, Richfield, Minnesota, be
designated as an official depository for City funds
for 1980.
2. That collateral in the amount of $300,000.00 deposited
for safe keeping with the Richfield Bank and Trust
Company of Richfield, Minnesota, is hereby approved.
Passed by the City Council of the City of Richfield, this 14th
day of January,. 1980.
ona J. Priebe Mayor
ATTEST:
i
Syl K. Bergh Acting Ci Clerk