1985-25917
RESOLUTION N0. 2~9~
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND
LOAN ASSOCIATIONS AND BANKS A5 DEPOSITORIES
FOR THE INVESTMENT OF HOUSING AND REDEVELOPMENT
AUTHORITY FUNDS IN 19$5
WHEREAS, pursuant to Minnesota Statutes, Section 475.bb and
118.17: municipal funds may be deposited in an y. 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 i:s 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 Redev-e-ropurent Authority --
funds for 1985.
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, MN 55423
Minnesota Federal Savings
98 West 6bth Street
Richfield, MN 55423
Midwest Federal Savings ~ Laan Association
3100 'Test both 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