1975-5465rRESOLUTION N0. 5465
. ~ A RESOLUTION DESIGNATII~TG CERTAIN SAVINGS
AND LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE.INVESTMENT OF CITY FUNDS IN 1976
.- - ~ BE.IT RESOLVED DY THE CITY COUNCII, OF THE CITY OF RTGHFTELD, MINNESOTA.
WHEREAS, pursuant to Minnesota Statutes, Sections 475.66 and 118.17,
municipal funds may be deposited in any Savings and Loan Associations which has
its deposits insured by the. Federal Savings and Loan Insurance Corporation, and.
WHEREAS, the amount of said deposits may not exceed the Federal Savings
. and Loan Insurance Corporation insurance covering such deposits which insurance
amount `~i~s~presently $100,000, and .
WHEREAS, the deposit of-City funds in Savings and Loan Associations and
' ~ banks-would provide greater flexibility in the City's investment program and
maximize interest income thereon;
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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 interests of
the-proper management of City funds that certain Savings and Loan Associations
and-Banks be designated as additional depositories .for City funds for 1976.
2. The following Savings and Loan Associations and Banks are hereby
designated as additional depositories for municipal-funds;
First Federal Savings of .Minneapolis:
6445 Nicollet Avenue South
Richfield, Minnesota 55423
Twin City_Federal Savings: and Loan
Marquette at 8th Street
Minneapolis, Minnesota 55402
Farmexs & Mechanics Savings-Bank
Marquette at 6th .
Minneapolis, Minnesota 55402
Minnesota~Federal Savings
Kaaol lwood
St. Louis Park, Minnesota 55432
Home Federal. Savings
500 West 98th Street
. Minneapolis, Minnesota 55420
First National Bank of St.-Paul
332 Minnesota Street
St. Paul, Minnesota 55101
Resolution No. 5465 Page 2
3. It•is further found and determined that the purpose of .such depository
designation is to facilitate the proper and advantageous investment of City
funds and that such designation is not exclusive nor.-does it preclude the deposit
of any City-funds in other officially designated eepositories of the City.
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4. The Treasurer is hereby authorized to deposit. City funds`in any or all
of the depositories herein designated up to the amount of $100,000 or such other
amount as may be subsequently permitted bylaw, such deposits to be in the form
- of demand accounts for Public Unit Savings Certificates".purchased liy the City,
payable to the City of Richfield on the signature of the City Treasurer. -Such
deposits-may be made and withdrawn from time to time by the Treasurer as his
- best judgment and the interests of the City dictates.
,,. 5. 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.'
Passed by the-City Council of the City of Richfield this. 22nd day of
December, 1975.
ATTEST:
Thomas J. Mo ~° City Clerk