80-6203R74
RESOLUTION N0. 6203
A RESOLUTION DESIGNATING CERTAIN SAVINGS
AND LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF CITY FUNDS IN 1980
BE IT RESOLVED by the City Council of the City of Richfield, Minnesota.
WHEREAS, pursuant to Minnesota Statutues, 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 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 ad-
ditional depositories for City funds for 1980.
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
Twin City Federal Savings and Loan .-
Marquette at 8th Street
Minneapolis, Minnesota 55402
Minnesota Federal Savings
355 Minnesota Street
St. Paul, Minnesota 55101
Home Federai Savings
500 West 98th Street
Minneapolis, Minnesota 55420
Home Federal Savings
6538 Penn Avenue
Richfield, Minnesota 55423
First National Bank of St. Paul
332 Minnesota Street
St. Paul, Minnesota 55101
II _2_
i
Northwestern National Bank .Southwest
7900 Xerxes Avenue S.
Bloomingt~~ln, Minnesota 55431
3. 1t is further found and determined that the purpose of such
depository designation islito facilitate the proper and ad-
vantageous 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.
!+. 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 of Richfield on the signature of the City Treasurer.
Such deposits may be made, and withdrawn from time to time by the
Treasurer as his 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 14th day of
January, 1980.
r
onald J. Prieb ayor
ATTEST
ylv' K. Bergh Acting Ci Clerk'