1995-536106
HRA RESOLUTION N0.536
A RESOLUTION DESIGNATING CERTAIN FINANCIAL INSTITUTIONS
AS DEPOSITORIES FOR THE INVESTMENT OF HOUSING AND
REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 1995
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
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WHEREAS, the Housing and Redevelopment Authority of Richfield shall purchase U. S.
Treasury Bills, U. S. Treasury Notes and other such government securities in the manner required
by law from the institution offering the highest rate to the City providing greater flexibility in the
investment program and maximize interest income thereon.
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 1995.
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
Federated Investors, Trust for Short-Term U.S. Govt. Securities
Smith Barney Shearson
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Such deposits may be made and withdrawn from time to time by the Treasurer or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 rega~mg the investment of these
funds. ////
Passed by the Housing and Redevelopment
day of January, 1995.
ATTEST:
G~~ e~ i 1 ~
~' ` i -~~_
Vern Luettinger, Secreta~ir,
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Richfield
Thomas E. Harms, Chairperson