032023 HRA_Resolution_designating_certain_S_L_associations__banks__and_credit_unions_as_depositories_for_the_investment_of_HRA_of_Richfield_funds_in_2023RESOLUTION NO. 1451
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS,
BANKS AND CREDIT UNIONS AS DEPOSITORIES FOR THE INVESTMENT OF
HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 2023
BE IT RESOLVED, by the Housing and Redevelopment Authority of Richfield,
Minnesota:
WHEREAS, pursuant to Minnesota Statutes, Sections 118A.01 – 118A.06,
municipal funds may be deposited in any Savings and Loan Association, Bank or Credit
Union which has its deposits insured by the Federal Deposit Insurance Corporation
(FDIC), or National Credit Union Administration (NCUA); and
WHEREAS, the amount of said deposits may not exceed the FDIC/NCUA
insurance covering such deposits which insurance amount is presently $250,000; and
WHEREAS, the deposit of Housing and Redevelopment Authority funds in
Savings and Loan Associations and Banks would provide greater flexibility in the
Housing and Redevelopment Authority’s investment program and maximize interest
income thereon.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment
Authority of Richfield, Minnesota, as follows:
1. It is hereby found and determined that it is in the best interest of the proper
management of Housing and Redevelopment Authority funds that certain
Savings and Loan Association and Banks be designated as additional
depositories for Housing and Redevelopment Authority funds for 2023. 2. It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous investments of
Housing and Redevelopment Authority funds and that such designation is not
exclusive nor does it preclude the deposit of any Housing and
Redevelopment Authority funds in other officially designated depositories of
the Housing and Redevelopment Authority. 3. The Finance Manager is hereby authorized to deposit Housing and
Redevelopment Authority funds in various depositories up to the amount of
$250,000, or such other amount as may be subsequently permitted by law,
such deposits to be in the form of demand accounts, payable to the H ousing
and Redevelopment Authority of Richfield on the signatures of the Housing
and Redevelopment Authority Finance Manager. Such deposits may be made
and withdrawn from time to time by the Finance Manager as his best
judgment and the interests of the Housing and Redevelopment Authority
dictates. 4. The investment of funds and the reporting thereof pursuant to this resolution
shall be conducted in accordance with established policies of the Housing
and Redevelopment Authority regarding the investment of Hous ing and
Redevelopment Authority funds.
Adopted by the Housing and Redevelopment Authority of Richfield, Minnesota this 20th
day of March, 2023.
Erin Vrieze Daniels, Chair
ATTEST:
Gordon Hanson, Secretary