1993-46434
HRA RESOLUTION'NO. 464
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND
LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF THE HOUSING AND REDEVELOPMENT
AUTHORITY FUNDS IN 1993
WHEREAS, pursuant to Minnesota Statutes, Section 475.66 and
118.005 municipal funds may be deposited in any Savings and
Loan Association 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 Savings and Loan Insurance Corporation insurance
covering such deposits which insurance amount is presently
5100,000; and _
WHEREAS, the deposit of Housing and Redevelopment Authority
funds in Savings and Loan Associations and Banks would provide
greater flexibility in the Housing and Redevelopment
Authority's investment program and maximize interest income
thereon.
NOW, THEREFORE, BE IT RESOLVED 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 1993.
2. The following Savings and Loan Associations and Banks
are hereby 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 Lyndale Avenue South
Richfield, Minnesota 55423
Twin City Federal Banking and Savings
3330 West 66th Street
Edina, Minnesota 55435
3. It is further found and determined that the purpose of
such depository designation is to facilitate the proper and
advantageous investment of Housing and Redevelopment Authority
funds and that such designation is not exclusive nor does it
preclude the deposit of any Housing and Redevelopment Authority
funds in other officially designated depositories of the
Housing and Redevelopment Authority.
HRA Resolution No. 464
Page 2
4. The Executive Director and Finance Manager are hereby
authorized to deposit Housing and Redevelopment Authority funds
in any or all of the depositories herein designated up to the
amount of $100,000, or such other amount as may be subsequently
permitted by law, such deposits to be in the form of demand
accounts for Public Unit Savings Certificates purchased by the
Housing and Redevelopment Authority of Richfield, payable to
the Housing and Redevelopment Authority of Richfield. on the
signatures of the Executive Director or Finance Manage.
Passed by the Housing and Redevelopment Authority of
Richfield this 19th day of January, 1993
Thomas E. Harms,
Chairperson
ATTEST:
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Larry Woznicz :~ Secretary
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