1992-44010
FgiA RE50L~Ji'ION N0. 440
A RF50IUPICPi DFSIG~iTIlVG (~tTAIId SAVINGS ArID
IRAN AS90QATIONS AMID BAHIiS AS DEPOSIR~tIFS
FC~t ~ IIWEStr'~Tr OF TIC ~~X7SIIVG AtID
• AiTii~RITY F(S~IDS IId 1992
SAS, ptiu~suant to M3rmesota Statutes, Section 475.66 and 118.005
municipal furrls may be deposited in arty Savirx,~s and Loan Association which has
its deposits insured by the Fedpsal Savings and Loan Insurar~oe Corporation,
and
~~tFAS, the amcnmt of said deposits may not exceed the Federal Savings
and Ioan Insuraryoe Corporation insuraryoe coveriryg such deposits which
insurarx5e amount is presently $100,000, and
the deposit of ~~a,:sing and Redevelopment Authority funds in
Savings and Loan Associations and Banks would provide greater flexibility in
the Hausiryg aryl Redevelopmexit Authority's irnn2,stment program and maximize
interest irx~cme thereari.
NGW, Zi~ORE, BE IT RE90LVID by the F~ousing and Redevelopment
Authority of Richfield as follows:
1. It is hereby found and determined that it is in the
best interests of the pr~.r ~t of Housing and
Redevelopment Authority funds that certain Savings and
Loan Associations and Banks be designated as additional.
depositories for Housing and Reclevelo~xnP.nt Authority
funds far 1992.
2. The following Savings and Loan Associations and Banks
are hernby designated as additional. depositories for
Housing and Redevelopment Authority funds:
Norwest Bank Minnesota, NA
6445 Nicollet Avenue South
Richfield, Minnesota 55423
Richfield Bank & Trust Company
6625 LyrYkzle Avernbe South
Richfield, Mir~yesota 55423
Twin City Federal. Banking and Savings
3330 West 66th Street
Edina, Miru~sota 55435
3. It is further found and determined that the purpose of
such depository designation is to facilitate the proper
and advantageous investtrent•of Housing and Redevelopment
Authority funds and that such designation is not exclu-
sive nor does it preclude the deposit of any Housing and
Redevelopnerit Authority funds in other officially desig-
nated depositories of the Housing and Redevelopment
Authority.
4. The Exed~tive Dis~ecbor is h~et~eby authorized to deposit
Housing and Faedevelopment Authority funds in any ar~ all
of the d~OSitories herein designated up to the amount
of $100,000, ~ such other amount as may be subsequently
peYm~itt3ed by law, such de~OSits to be in the fozin of
danand accorarts for Public Unit Savitrls Certificates
purchased by the I~sing and Redev~eloptnexit Authority of
Richfield, payable to the Housing and R,edev+elognent
Authority of Richfield on the signatures of the Executive
Director.
Passed by the I~ausing
21st day of Jaiiua:ry, 1992.
A
v.
SeCr~e
and Redevelopment tY of Richfield this
Thanes E. Harms, Chairperson
1