1975-5314r333
~.ESG~'LC'I'TON 'N'Oa 5.31
A RFSOLU~'LON' L~FSIUN~A~~TNG C'FR,~AT:N
SAVINGS ANF LOAN ASSOCTA~ION'S AS
CF'L~OSI`T'OR.TFS FOR. I.`HE 'INVFS'I'ME;NI'
OF CT'T.Y Ft1N1~S
BE I.~' RE;SOIrVFD BY P.:Hla CI:::~ C01tNCTI~ O:F I'EIF CI`.T'Y. ®F RI CII::F'T:F'T=~, NITNNESOTA,
WHF;REAS, pursuant to Minnesota St:a.tutes, Sections 4?5e66 and 118,149
municipal funds may be ±deposited in any Savings and Loan Assocl..ations which has
its deposits ins~r.red. by th.e :Federal. Savings and Loan Txxsurance Corporation, and
G~II:FRFAS~ the amounr of said deposits may not exceed t:be Federal Savings
and 'Loan Insurance Corporation i~isu.ranee covering su~:h deposits which insurance
amount is present.l.y ~100~000, a~r~.d
WIiF,R'FAS~ the deposit of Cite funds in Savings a:czd T~oan Associations
would provide greater flexibility i.n the C,ityAs investment program and maximize
interest. income thereon.;
NOW3 'TTTERF;FORF; IsF T ~' RF:SOI,VFp '(3Y ~THF CITY COUNCT.T: OT' I.'Ii.E GTT'Y OF RTC'.H.FIF'LZ~,
MTN'N'ESO`IA AS 'F'OLT,OWS a
to It is hereby found anal determined that it is in tla.e best interests of
the proper management of City fu.n.ds that certain Savings and Doan Associations
be designated as additional depositories for City funds,
2a I'he following Savings and. Loan Associat.ion.s are hereby designated
as additional depositories for municipal fa~.n.dso
First "Federal. Savings of Minneapolis
64.45 Nicollet Avenue South
R:ich.field, Minnesota 55423
T~~in City Federa.I. Savings and Loan
Marquette at 8th Street
Minneapolis, Minnesota 55402
Farmers & Mechanics Savings Banl~
Marquette at 6c;h
Minnea.polis~ Minnesota 55402
Minnesota Federal. Savings
Z~n.ol 1wc~od
Sty Iiouis F~arl~, Minnesota 55432
I~
334
Resolution No, 5314
~, Tt ~.s further found anal determined that. the purpose of.' su~~~. d.epository
designation is to faciYitate the proper a.:nd advantageous i,n~est:?n.ent of City
funds and that such. desig~nat:~.or~ is n.ot e~cl,usive nor does ~.t preca~+~.~e the deposit
of any City funds in other offieia.lly designated depositories of the Cit:~yo
4.o The Treasurer is hereby author:~,zed to depos~.t G~.t:'y' f••~n.ds in a~iy or all
of the depositories rierein designated u.p t..~ th.e amount. of $1®~~Ot~O or such. other
amount as may be subsequently permitted b~- law, saaeh dep~asai.ts to be in the form
of demand accounts for p'u.b~..ic Unit Say. ~ngs C'erc%fi.oat.es p•archased b'Y th.e City
payable to the City of Richfield on the signature of fibs G;~.ty :Ireasurero Such
deposits may be ma.~1e and withdrawn from time to tame 'by t;h.e Treasu.r.•er as his best
judgment and t.h.e interests of the City ~:~ct:a.t.es,
5> The investment of f"un.ds a.nd trxe report:in.g thereof pursuant to t:k'F.is
resolution shall be conducted i~n accorda~nc.e with established polica~es ~f the City
regarding the investment of C:~ty f~,nds,
Rassed b~y t:he City Council of the City of ~Z.iehf~~e~d this ~1®th da~~ of
~ebruary~ 19~5a
~5
d~~ ~
f ^' - ~7 /f.//
y~
f..=•:~.,~ren i,o 'Law Mayor
ATT'EST` o
~~'~~
~~ ~ ~ a~
,~' ,,. _
Thomas Ja Mo~a~. City Cl.er~;
1