1986-27737
RESOLUTION N0. 277
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A RESOLUTION DESIGNATING CERTAIN FINANCIAL INSTITUTIONS
AS DEPOSITORIES FOR THE INVESTMENT OF HOUSING AND
REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 1986
WHEREAS, the Housing and Redevelopment Authority of
Richfield has money which is available for investment, and
WHEREAS, different financial institutions offer different
rates of return on investments, and
WHEREAS, the Housing and Redevelopment Authority of
Richfield shall purchase U. S. Treasury Bills, U. S. Treasury
Notes and other such government securities in the manner "
required by law from the institution offering the highest rate
to the City providing greater flexibility in the investment
program and maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority of Richfield, Minnesota, 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 financial
institutions be designated as additional depositories
for Housing and Redevelopment Authority-funds for 1986.
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2. The following financial institutions designated as
depositories for Housing and- Redevelopment Authority
funds:
Marquette National Bank
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Dain Bosworth, Inc.
Prudential - Bache
Kidder, Peabody & Company .
Miller Schroeder
Norwest Investment Services
Offerman & Company, Inc.
Piper, Jaffray & Hopwood
State Street Bank & Trust, Trust for Short-Term U. S.
Government Securities
3. The Treasurer is hereby authorized to deposit Housing
and Redevelopment Authority funds in any or all of the
depositories herein designated. Such deposits may be
made and withdrawn from time to time by the Treasurer as
his/her best judgment and the interests of the .Housing
and Redevelopment Authority dictates.
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~. The investment of funds and the reporting thereof
pursuant to this resolution shall be conducted in
accordance with established policies regarding the
investment of these funds.
Passed by the Housing and Redeve me-nt Authors y of
Richfield this 21st day of January, 6.
omas E. Ha ms Chairman
ATTEST:
J% an Helmberger Se retary
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