1986-27636
RESOLUTION N0. 276.
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND
LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF HOUSING-AND REDEVELOPMENT
AUTHORITY FUNDS IN 1986
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
Redevelopment Authority funds that certain Savings and
Loan Associations and Banks be designated as additional
depositories for Housing and Redevlopment Authority
funds for 1986.
2. The following Savings and Loan Associations and Banks
are hereby designated as additional depositories for
Housing and Redevlopment Authority funds:
First Federal Savings of Minneapolis
(Now known as First Minnesota)
6445 Nicollet Avenue South
Richfield, MN 55423
Minnesota Federal Savings
(Now known as First Minnesota)
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 law, 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 Redevel nt Authority of
Richfield this 21st day of January,
~~
omas E. Harms Chairman.
AT ST:
d'
J n Helmberger Seere ary
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