1989-344} 106
HRA RESOLUTION N0. 344
A RESOLUTION DESIC~iATI1VG CERTAIN SAVINGS AND
IUAN ASSOCIATIONS AND BANKS AS DEP06ITORIES
FOR THE INVESTMENT OF THE HOUSII~ AND RIDEVELOPN~fP
AUZ~ZTY Ft)I~IDS IN 1989
SAS, pursuant to Minne.SOta Statutes, Section 475.66 and 118.17,
municipal funds may be deposited in any Savings and Lean Assoc3.ation 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 Savirygs
and Loan InsuraYx7e Corporation insurance covering such deposits which
in.~uranee amount is presently $100,000, and
WHEREAS, the deposit of Housing and Redevelopcrent Authority furx~s in
Savings and Doan Associations and Hanks would provide greater flexibility in
the Housing and R~edevelogtierit Authority's investment program and maximize
interest income thereon.
NOW, TI~ORE, BE IT RFSOLVID by the Housiryg and Redevelopnerit
Authority of Richfield as follows:
1. It is Yx~reby found and det~xmined that it is in the
best interests of the proper gent of Housing and
Redevelopment Authority funds that certain Savings and
Loan Associations and Banks be designated as additional
depositaries four Housing and Redevelopnpnt Authority
furxls for 1989.
2. The follawiryg Savings and Loan Associations and Banks
are herby designated as additional depositories for
Housing arxi Redev~elopt~ent Authority funds:
First Minrnsota Savings Bank
6445 Nicollet Avenue South
Richfield, M3ru~sota 55423
Midwest Federal. Savings & Loan Association
3100 West 66th Street
Edina, Minnesota 55435
Twin City Federal Banking arr3 Savings
3330 West 66th Street
Edina, eta 55435
3. It is furthers found and determined that the purpose of
such depository designation is to facilitate the proper
and advantageous im~estment of Housing and Redevelognerit
Authority fucyds ar~d that such designation is not exclu-
sive nor does it preclude the deposit of any Housing and
Redev+2laptient Authority furx~s in other officially desig-
nated depositories of the Housing and Redevelopm~.nt
Authority.
4. The E~oecutive Dix+ect~ar is hereby autYnri~ed to deposit
Housing and Redevelopment Authority funds in any or all
of the deposii~ories herein designated up to the amotant
of 5100,000, or such other atro~ult as may be subsequently
permitted by law,. such deposits to be in the form of
demand accounts far Public Unit Savings Certificates
purd~lased by the Housing and Rede~~.opment Authority of
Richfield, payable to the Housiryg and R~edev+elopnent
Authority of Ridtlfield on the signatures of the F~xecutive
Dix~ecbor.
Passed by the Housing and Reclevplopnc~ent ty of Richfield this
17th day of January, 19$9.
~~G~-~ ~°
E. Harms, C7~airper~sorl
ATI'FSP: //``
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all ~~!2Z", tary