1970-4484rr~
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RESOLUTION NO. 4484
RESOLUTION AUTHOR]~ING THE INVESTMENT
OF FIREMEN'S RELIEF ASSOCIATION FUNDS
BE IT RESOLVED by the City Council of the City of Richfield as follows:
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.
2. The council hereby authorizes. the Relief Association tp invest approxi-
mately $25 , 000 in corporate bonds which have been rated A or higher
by Standard and Poor's, and Moody's Investors Service, Inc.
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 associa-
tion .
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 invest-
ed 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 authoriza-
tion .
Passed by the City Council of the City of Richfield this 14th day of Decem-
ber1970.
W . ~~~~-.
Stanley W. Olson Mayor
Attest:
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Thomas J. More, Clerk.