2025-01-14 Resolution 12293
City of Richfield January 14, 2025
County of Hennepin
State of Minnesota
RESOLUTION NO. 12293
Motion by: Hayford Oleary
Seconded by: Christensen
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN
ASSOCIATIONS, BANKS, AND CREDIT UNIONS AS DEPOSITORIES FOR
THE DEPOSIT AND INVESTMENT OF CITY FUNDS IN 2025
BE IT RESOLVED, by the City Council of City of Richfield (City), 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 the 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 City funds in Savings and Loan Associations and
Bankswould provide greater flexibility in the City’s investment program and maximize
interest income thereon; and
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 interest of the
property management of City funds that various banks be designated
as additional depositories for City funds for 2025.
2. It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous deposit and
investmentof 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.
3. The Finance Director is hereby authorized to deposit City 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 City on the signature of the Finance
Director. Such deposits may be made and withdrawn from time to time by
the Finance Director as their best judgment and the interests of the City
dictates.
4. 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.
VOTING AYE VOTING NAY
Supple, Mary Supple, Mary
Burk, Walter Burk, Walter
Christensen, Sharon Christensen, Sharon
Coleman-Woods, Rori Coleman-Woods, Rori
Hayford Oleary, Sean Hayford Oleary, Sean
City of Richfield January 14, 2025
County of Hennepin
State of Minnesota
RESOLUTION NO. 12293
Adopted by the City Council of the City of Richfield, Minnesota this 14th day of
January, 2025.
Mary Supple, Mayor
ATTEST
Michelle Friedrich, City Clerk