1982-20077
RESOLUTION N0. 200
A RESOLUTION DESIGNATING CERTAIN SAVINGS
AND LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF HOUSING AND REDEVELOPMENT
AUTHORITY FUNDS IN 1982
WHEREAS, pursuant to Minnesota Statutes, Section 475.66
and 118.17, municipal funds may be deposited in any Savings and
Laon Association 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 Housing and Redevelopment Authority
funds in Savings and Loan Associations and Banks would provide
greater flexibility in the Housing and Redevelopment Authority's
investment program and maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority of Richfield as follows:
1. It is hereby found and determined that it is in the
best interests of the proper management of Housing
and Redevelopment Authority funds that certain Savings
and Loan Associations and Banks be designated as
additional depositories for Housing and Redevelopment
Authority funds for 1982.
2. The following Savings and Loan Associations and Banks
are hereby designated as additional depositories for
Housing and Redevelopment Authority funds:
First Federal Savings of Minneapolis
6445 Nicollet Avenue South
Richfield, Minnesota 55423
Minnesota Federal Savings
98 West 66th Street
Richfield, Minnesota 55423
~1
Midwest Federal Savings and Loan Association
3100 West 66th Street
Edina, Minnesota 55435
Twin City Federal Savings and Loan
3330 West 66th Street
Edina, Minnesota 55435
3. It is further found and determined that the purpose of
such depository designation is to facilitate the proper
and advantageous investment of Housing and Redevelopment
Authority funds and that such designation is not
exclusive nor does it preclude the deposit of any
Housing and Redevelopment Authority funds in other
officially designated depositories of the Housing and
Redevelopment Authority.
4. The Executive Director is hereby authorized to deposit
Housing and Redevelopment Authority 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 law, such deposits to be in
the form of demand accounts for Public Unit Savings
Certif icates purchased by the Housing and Redevelopment
Authority of Richfield, payable to the Housing and •
Redevelopment Authooity of Richfield on the signatures
of the Executive Director.
Passed by the Housing and Redevelopment Authority of
Richfield this 17th day of May, 1982.
•homas E. Har s Chairman
ATTEST:
Michael Freeman Secretary