1993-46535
HRA RESOLUTION NO. 465
1
A RESOLUTION DESIGNATING CERTAIN FINANCIAL INSTITUTIONS
AS DEPOSITORIES FOR THE INVESTMENT OF HOUSING AND
REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 1993
WHEREAS, the Housing and Redevelopment Authority of Richfield has
money which is available for investment; and
WHEREAS, different financial institutions offer different rates
of return on investments; and
thereon.
g
institution offering the highest rate to the City providing greater
flexibility in the investment program and maximize interest income
WHEREAS, the Housing and Redevelopment Authority of Richfield
shall purchase U.S. Treasury Bills, U.S. Treasury Notes and other such
overnment securities in the manner required by law from the
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority of Richfield, Minnesota, 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 financial institutions be designated
as additional depositories for Housing and Redevelopment
Authority funds for 1993.
2. The following financial institutions designated as depositories
for Housing and Redevelopment Authority funds:
Richfield Bank & Trust Company
FBS Investment Service, Inc.
Dain Bosworth, Inc.
Prudential - Securities
Piper, Jaffray & Hopwood
Shearson Lehman Brothers
Federated Investors, Trust
U.S. Govt. Securities
Smith Barney
for Short-Term
3. The Treasurer and Finance Manager are hereby authorized to
deposit Housing and Redevelopment Authority funds in any or all
of the depositories herein designated. Such deposits may be made
and withdrawn from time to time by the Treasurer or Finance
Manager as his/her best judgment and the interests of the Housing
and Redevelopment Authority dictates.
4. The investment of funds and the reporting thereof pursuant to
this resolution shall be conducted in accordance with established
policies regarding the investment of these funds.
Passed by the Housing and Redev ment Authority of Richfield
this 19th day of January, 1993.
Thomas E. Harms, Chairperson
ATTEST:
Larry ~9oz ~ Secretary