79-6028RRESOLUTION N0. 6028
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A RESOLUTION DESIGNATING FARMERS.& MECHANICS SAVINGS BANK
AS DEPOSITORY FOR THE INVESTMENT OF CITY FUNDS IN 1979
AND APPROVING COLLATERAL
WHEREAS, pursuant to Minnesota Statutes, Sections 475.66 and 118.17,
municipal funds may be deposited in any"savings and loan as ociation 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 Gity 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 1979. `
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, Minnesota,. this
8th day of January, 1979.
oren L. Law yor
ATTEST:
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Thomas Moran City Clerk