1983-21491
RESOLUTION N0. 214
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND
LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF HOUSING AND REDEVELOPMENT
AUTHORITY FUNDS IN 1983
WHEREAS, pursuant to Minnesota Statutes, Section 475.66 and 118.17,
municipal funds may be deposited in any Savings and Loan 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 Re-
development Authority funds that certain Savings and Loan
Associations and Banks be designated as additional depositories
for Housing and Redevelopment Authority funds for 1983.
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, MlV 55423
Minnesota Federal Savings
98 West 66th Street
Richfield, MN 55423
Midwest Federal Savings & Loan Association
3100 West 66th Street
Edina, MN 55435
Twin City Federal Savings and Loan
3330 West 66th Street
Edina, MN 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 Iaw,
such deposits to be in the form of demand accounts for Public
Unit Savings Certificates purchased by the Housing and Redevelopment
Authority of Richfield, payable to the Housing and Redevelopment
Authority of Richfield on the signatures of the Executive Director.
Passed by the Housing and Redevelopment Authority of Richfield this
17th day of January, 1983.
Thomas E. Harms Chairman
ATTEST:
F Joan Helmberger Secretary
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