1991-411173
HRA RE50L~i'IO[~t Np, 411
A RE50LUI'ION DESIGNATIIdiG CEEtTAIId SAVINGS AND
IRAN ASSOCIATIONS ArID BArIICS AS DE~OSTi'ORIF~
FOIL THE IrIVFS'.Li~1V'P OF THE HOUSIl~G AND ItEDEVEfAPAgIV'P
A(fl~IORITY FUNDS IN 1991
fnk~tFAS, pursuant to Minnesota Statutes, Section 475.66 and 118.17,
municipal funds may be deposited in any Savings and Doan Association which has
its deposits insured by the Fedes'al Savirygs and Loan Insuraryae Corporation,
and
~, the amount of said deposits may rx~t exceed the Federal Savings
and Loan Insurance Corporation insurance covering such deposits which
insurarx~e amount is prespntl~ $100,000, arx3
UPS, the deposit of Hausiryg and. Redevelopment Authority funds in
Savings arx3 Load Associatioa~s and Banks would provide greater flexibility in
the Housing and Redevelopt~nt Authority's investment progracm and maximize
interest itxxcrie thereon.
NOW, Z~ORE, BE IT RESOLVE 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 1991.
2. The following Savings and Loan Associatia~ns and Banks
are hereby designated as additional depositories for
Housing and Redevelopment Authority funds:
Norwest sank Minnesota, NA
6445 Nicollet Avenue South
Richfield, Minnesota 55423
Richfield Bank & Trust Company
6625.Lyrx3ale Avenue South
Richfield, Mirmesota 55423
Twin City Federal Banking and Savings
3330 West 66th Street
F,dina, Minnesota 55435
3. It is further found and determined that the purpose of
such depository designatian is to facilitate the proper
and advantageous investment of Housixyg and Redevelopment
Authority funds and that such designatian is riot exclu-
sive nor does it preclude the deposit of any Housing and
RedevP,lopnent Authority funds in other officially desig-
nated depositories of the Housiryg and Redevelopment
Authority.
Resolution No. 411
Page 2
4. The F~cecutiv+e Director is hereby authorized to deposit
Iioaasiryg ar~d F2edevelopitient Authority funds in arty or all
of the depositories herein designated up to the amount
of $100,000, or such other amount as may be subsequently
pezmittied by law, such deposits to be in the form of
denaryd aaoo~urts far Public Unit Savings Certificates
purchased by tha Lasing arx3 Redevela~nent Authority of
Richfield, payable to the Housing aired Redevelopment
Authority of Richfield aan the signatures of the Executive
Direabor. ~ -
Passed by the ~irig and Redevelognent ty of Richfield this
22nd day of January, 1991.
' Thomas E. Harms, Chairperson
ATPEST:
J Helmber+gex, SeCx+e
1
L.J