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1984-240 117 RESOLUTION N0. 240 A RESOLUTION DESIGNATIl~TG CERTAIN SAVINGS AND LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES FOR THE iN'VESTMENT OF HOUSING AND REDEVELOPMENT AUTHORITY FUNDS IN 1984 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 Laan 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 H©using 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 1984. 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 1~icollet Avenue South Richfield, MN 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 1 3. Tt is further found and determined that the purpose of such depository designation is to facili-tats 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 is 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 1a~r, 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 I6th day of January, 1984. cnaas E< Harms Chairman ~~, ATTEST: oan ~ielmberger S cretary