1987-29859
HRA RESOLUTION NO 298
A RESOLUTION DESIGNATING CERTAIN FINANCIAL INSTITUTIONS
AS DEPOSITORIES FOR THE INVESTMENT OF HOUSING AND
REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 1987
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 add-
tional depositories for Housing and Redevelopment Authority funds
for 1987.
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
Kansas National Investment
3. The Treasurer is hereby authorized to deposit Housing and Redevelop-
ment Authority funds in any or all of the depositories herein de-
signated. Such deposits may be made and withdrawn from time to time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.
4. 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 Redevelopment Authority of Richfield this 27th
day of January, 1987. ~~~
- homas E. Harms Chairman
ATTEST:
d~. ~
Jo, n Helmberger Secreta y
e/
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