1990-376138
HRA RESOLtH•ION N0. 376
A RESOL~)TION DESIG~TIl~ CIIZTAII~i SAVINC~,S AMID
LOAN AS.SOCIATI~LS AMID B~,M{S AS DEPUSITORIF~
FOFt THE INVESTN~P OF THE HOUSING AMID REDEVEIAPNIENT
AMITY FL)1~ID6 IN 1990
SEAS, pursuant to Minnesota Statutes, Section 475.66 aril 118.17,
municipal funds may be deposited in any Savings and Loan Association which has
its deposits insured by the Federal Savirygs and Loan Insurance Corporation,
and l
WE~2EAS, the aimamt of said deposits may not exceed the Federal Savings
and Loan Tn~~*+~ Corporation jnsurance covering such deposits which
insurance amnunt is presently $100,000, arx3
WF~EAS, the deposit of Housing and Redevelopment Authority funds in
Savings and Loan Associations and Hanks would p~ravide greater flexibility in
the Dousing and Redevelopment Authority's investrnPnt program and maximize
interest iryoortie thereon.
NOW, Tf~ORE, BE IT RESOLVED by the Housing and RedeveloXxnent
Aut-,hority of Richfield as follows:
1. It is hereby found and determined that it is in the
best interests of the pxnper mkt of Housing and
Redevelopment Authority funds that certain Savings and
Loan Assoc•.iatians and Banks be designated as additional
depositories for Housing and Redevelopment Authority
funds far 1990.
2. The following Savings and Loan Associ.atior~s and Banks
are hereby designated as additional depositories for
Horsing and RedevelopR~ent Authority furr3s:
First Minnesota Savings Bank
6445 Nicollet Avenue South
Richfield, Minnesota 55423
Midwest Federal Savings & Loan Association
3100 West 66th Street
Edina, Mfinnesota 55435
Twin City Federal Banking and Savings
3330 West 66th Street
Edina, Mirmesota 55435
3. It is furth~i fc~md and determined that the purpose of
such depository designation is to facilitate the proper
arxi advantageous investment of Housing and Redevelopment
Authority funds and that such designation is not exclu-
sive nor does it preclwde the deposit of any Housing and
Redevelopment Authority funds in other officially desig-
nated depositaries of the Housing and Redevp~.c~ent
Authority.
4. 'The EYaecut9.ve Direo~t~or is hereby authorized to deposit
Housing and Red~evelapnent Autha~rity funds 3n any or all
of the d~eposito~.es herein designated up to the amount
of $100,000, ~ sum other amount as may be s~tly
petnuttted by Iaw, sudi d~osits to be in the fozm of
demand aooamts~ far Public Unit Savings Certificates
Pumt'~a-~ by the Hovs3ng ar~d Redev~ela~n~nt AutY~ity of
Richfield, payable to the Housing.and Redc~velopnent
Authority of Richfield on the signatures of the Executive
Direc't~oac.
Passed by the Housing
16th day of January, 1990.
ATt'EST:
~' ` 1~~~~1~~~ ~~
J~San F~].mber~ar, terry
/~'
and anent Authty of Richfield this
i`j ~
~~~% ,.
E. F~3rms, ChaixpPxson .