1959-2034rn.1P~
RESOLUTION N0, 2034
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RBSOLUTION AUZfiORIZTNG THE INVFSTM6NT AND REINVBSTNIENT
OP MUNICIPAL FUNDS
BE IT RBSOLVBD by the Village Council of the Village of Richfield a~ follo~vsa
1. Any municipal funds not presently needed for other purposes may be invested
by the Village Finance Director in accordance with the terms of this resolutions
2, There shall' always be maintained in any sinking fund sufficient cas~a t®
provide for the annual payments of principal and interest on the obligations
for which the fund was created. Any surplus in any sinking fund above such
amount and any surplus in any other fund not presently needed for other pur-
poses may be invested by him in any ~enerai obligation of the United Statese
the Mate of Minnesota;; or any of its. municipalitiesa and may be used to pur~
chase any obligation of the issue for which the fund is created or may be
used to redeem any obligation of said issue prior to maturity in accordance
with its terms. .
3, The obligations representing any such investment may be sold or hypothe®
sated by him at any time, but the money so received shall. remain a part of
such fund until used for the purpose for which the fund was createdo
4. Any obligation held in the sinking fund from which it is payable may be
cancelled at any time when the moneys in such fund are sufficient to pay all
of obligations payable therefrom with interest to maturity or to their earli-
est redemption date,
5. The Village Finance Director shall make a monthly report in writing to
the manager and to the council showing the amount of money ~o invested the
nature of the investment, and the funds from'which invested, As to any ins
vestment shown 3.n said report to the councii$ such investment shall be deemed
to be ratified and confirmed in the absence of further council action on such
report.
6. The Village finance director shall from time to time allocate the income
from such investments to the appropriate municipal funds,
7. The Village finance director may, for accounting purposese establish a
separate fund and account known as the investment fund and investment account
of the Village into which moneys available for investment sha11 be transferred,
from which investments sha11 be made as provided for herein, and from which
such invested moneys and interest income therefrom shall be transferred back
to the appropriate municipal fundso
Passed by the Village Council of the i~illage
Novembesc~ 1959.
ATT&STt
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L~~~~~, ~'~ ~ v~ Clerk
er