1973-4999rRESOTUTION No. 4999
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RESOLUTION AMENDI~V'G RESOLUTIONS 4305 and 499$ AUTHORIZING THE INVEST--
rIENT OF FIREMEN' S REL]~F ASSOCIATION F(JNDS
WHEREAS, Resolutions Nos. 4305 and. 4.999 authorize and direct the investment
and reinvestment of Firemen`s Relief Association Funds, and
~~THEREAS, The Board of Trustees of the Firemen's Relief Association have
developed an investment policy which allows for diversification, the development
of an investment portfolio allowing for growth and increased investment return
and realigruaent of the types of various investments, and
Wf-TEItI~A.S, it appears desirable to amend the existing resolutions to reflect
the investment policy of the Board of Trustees of the Firemen's Relief Associ-
anon.
NOGT, THEREFORE; BE IT RESOLVED by the City Council of-the City of Richfield
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as follows:
Resolutions Nos. 4305 and 4999 are hereby amended to the following: -
1. The Richfield Firemen's Relief Association may ixtvest its funds in
such income-paying properties and securities as the city council
shall from time to dame authorize as provided in Minnesota Statutes
Section 424.31.
2. Z'he council hereby authorizes the Relief Association to invest approxi»
mately $25,000 in corporate bonds c,Thich have been rated A or higher
by Standard and Poor's, and Moody's Investors Service, Inc.
3. Tkie Council hereby authorizes the Relief Association to invest and
reinvest 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 securi-
ties a city of the second class is authorized to purchase as an in-
vestment of idle funds.
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4. The council hereby authorizes the Relief Association to maintain a .
diversification of its investment portfolio (at cost), as present in~=
vestments mature and additional funds become available, to an appraxi~
mation as follows:
Bond portfolio 60%
Mutual Funds (including State Fund) 29
Bank savings 5
Church and hospital bonds 5
Checking 1
Total 100%
5. tLny 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.
6. 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.
7. The association shall make a quarterly report in tirriting to the city
manager and to the city council showing th.e amount of money so in-
vested and the nature of the investment.
8. -This resolution does not authorize the association to invest in other
kinds of income property or securities without prior council authori~
.~ GatiOn.
Passed by the City Council of the City of Richfield this 29th day of
May, 1973.
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_ =-j ,,~;~ ~ ~ ~
I~'oren L. , 'w / Mayor
ATTEST:
;~ ~: ~,,
TfYamas J. Moran. City Clerk