1969-4305r~~
RESOLUTION No. 4305
RESOLUTION AUTHORIZING THE INVESTMENT AND REINVESTMENT OF
FIREMEN"S RELIEF ASSOCIATION FUNDS
BE IT RESOLVED by the City Council of the City of Richfield as followss
1. The Richfield Firemen's Relief Association may invest its funds in such
income-paying properties and securities as the City Council shall from time to
time authorize, as provided in Minnesota Statutes Section 424.31. The purpose
of this resolution is to authorize the investment and reinvestment in certain
kinds of income-paying securities on a continuing basis.
2. The Council hereby authorizes the Relief Association to invest and rein-
vest any of its surplus funds in any general obligation of the United States, the
State of Minnesota, any of its municipalities, and in the securities of any other
state or federal agency whose securities a city of the second class is authorized
to purchase as an investment of idle funds.
3. Any such investments may be sold at anytime by the association and the
money so received shall remain a part of the funds of the association.
4. The association shall make a quarterly report in writing to the city
manager and to the city council showing the amount of money so invested and the
nature of the investment.
5. No investment or reinvestment in such securities shall be made by the
association without the prior approval of the city manager or a person authorized
by him to give such approval.
6. This resolution does not authorize the association to invest in other
kinds of income property or securities without prior council authorization.
Passed by the City Council of the City of Richfield this 22nd day of
December 1969.
W . C~~~-aye
Stanley W. Olson Mayor
Attests
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Thomas J. Mor Clerk