1976-5649r~ .• ...
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RESOLUTION N0. 5649
A RESOLUTION DESIGNATING CERTAIN SAVINGS
AND LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF CITY FUNDS IN 1977
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RICHFIELD, 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 is 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:
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 1977.
2. The following Savings and Loan Associations and Banks ar.e hereby
designated as additional depositories for municipal funds:
First Federal Savings of Minneapolis
6445 Nicollet Avenue South
Richfield, Minnesota 55423
Twin Cify Federal Savings and Loan
Marquette at 8th Street
Minneapolis, Minnesota 55402
Farmers & Mechanics Savings Bank
Marquette at 6th Stree t
Minneapolis, Minnesota 55402
Minnesota Federal Savings
Knollwood
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
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Resolution No. 5649 Page 2
3. It is further found -~,nd 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 depositories of the City.
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 by Iaw, such deposits
to be in the form of demand accounts for Public Unit Savings Certificates
purchased by 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 13th day
of December, 1976.
Loren L. Law ~Zayor
1
ATTEST:
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Thomas J. Moran City Clerk