1995-535105
HRA RESOLUTION N0.535
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND
LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF THE HOUSING AND REDEVELOPMENT
AUTHORITY FUNDS IN 1995
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 $100,000; 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 1995.
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. 535
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 Manager.
Passed by the Housing and Redevelopment Authority of Richfield this
17th day of January, 1995.
Thomas E. Harms, Chairperson
Aiil EST:
,'
.. ~ ~ ~~
Vern Luettinger, Secrete
[;