1987-29758
HRA RESOLUTION NO 297
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND
LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF THE HOUSING AND REDEVELOPMENT
AUTHORITY FUNDS IN 1987
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 Redevelopment Authority
funds for 1987.
2. The following Savings and Loan Associations and Banks
are hereby designated as additional depositories for
Housing and Redevelopment Authority funds:
First Minnesota Savings
6445 Nicollet Avenue South
Richfield, Minnesota 55423
Midwest Federal Savings & Loan Association
3100 West 66th Street
Edina, Minnesota 55435
Twin City Federal Savings and Loan
3330 West 66th Street
Edina, Minnesota 55435
3. It is further found and determined that the purpose of
such depository designation is to far_ilitate the proper
and advantageous investment of Housing and Redevelopment
Authority-funds and that such designation is not exclu-
sive nor does it preclude the deposit of any Housing and
Redevelopment Authority funds in other officially desig-
nated 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 $1D0,000, 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 Redevelopment Aut rity of Richfield this
27th day of January, 1987.
~~Z~`~
homas E. Harms Chairman
ATT,~ST
j,
Jo Helmber er~ Secretary
4'~
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