78-5850R111
.RESOLUTION. NO. 5850
ARESOLUTION`-DESIGNATING°CERTAIN SAVINGS
= AND LOAN ASSOCIATIONS AND. BANKS AS DEPOSITORIES -
FOR THE INVESTMENT OF CITY FUNDS iN 1978.
BE IT'RESOLVED'BY THE CITY'COIJNCIL 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 Associations 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 prpvide.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 additional `depositories for City funds for I9?8.
2. The following `Savings and Loan Associations and Banks are hereby
designated as additional`depostores for municipal funds;
First Federal Savings of Minneapolis
-6445 Nicollet Avenue South
Richfield, Minnesota 55423
Twin City Federal. Savings and Lo an
Marquette at 8th Street
Minneapo is, Minnesota 5540.2
Farmers & Mechanics Savings Bank
Marquette at 6th Street
Minneapolis, Minnesota- 55402
Minnesota Federal Savings
Knollwood
St. Louis. Park, Minnesota 5543.2
Home Federal Savings
500 West 98th Street
Minneapolis,. Minnesota 55420
°Home Federal Savings
6538: Penn Avenue:
Richfield, Minnesota 55423
Resolution`No. 5850 age -2-
Midwestl~Federal.Savings &.Loan.
3100 West. 66th Street.. _-_
Richfield, Minnesota 55423
- First Ntional Bank o~f St. Paul
332 Minnesota Street
St,-.Paul, Minnesota ..55101
3. It is further found and determined that the purpose of such. depository
designation is to facilitate he proper and advantageous :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.
4. The Treasurer is hereby authorized to deposit City funds in any or all
of the depositories herein designated up o 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 Gity,
.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 9th day of
January,`1978. i
Lo en L. Law Ma or
ATTEST:
Thomas J. ~~"ran City Clerk