79-6029RlU
RESOLUTION' N0.' 6029
A RESOLUTION DESIGNATING MIDWEST FEDERAL, SAVINGS & LOAN
°~- - - 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 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 tothe 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 1979.
2. That collateral in the amount of $388,623,91, deposited
for save keeping with the Richfield Bank and Trust Company of
Richfield,. Minnesota,. is hereby approved.
Passed by the Gity Council of the City of Richfield, Minnesota, this-
. 8th day of January, 1979.
ren L. Law ay r
ATTEST:
~~ ~~
Thomas J, oran City Clerk