79-6025RRESOLUTION N0. 6025
A RESOLUTION DESIGNATING CERTAIN SAVINGS
AND LOAN ASSOCIATIONS'AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF CITY FUNDS IN 1979
BE IT RESOLVED by the City Counc`iL 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 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 Ci y funds .that. certain Savings and Loan
Associations and Banks be designated as additional depositories for City
funds. for 1979.
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.
Knollwood
St. Louis Park., Minnesota 55432
Home Federal 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
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3. It'is further found and determined that the purpose of such
depository designation is to ',facilitate.. the-proper. and advantageous
investment of Cityfunds and ! that-such designation is not exclusive
-nor does it"preclude the depgsit of any. City funds in .;other officially
designated depositories of tl~e City.
4. The Treasurer is hereby authorized to deposit City funds in any
or all of the deposi ories 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 withdrawnfrom 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.
Passedby the-City Council of the City of Richfield, .this 8th day of
January, 1979.
ATTEST:
Thomas J. M an City Clerk