1996-573HRA RESOLUTION N0.573 143
RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF
HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 1996
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
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 Housing and Redevelopment Authority providing greater
flexibility in the investmen# program and maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment Authority of Richfeld,
Minnesota, as follows:
1. It is hereby found and determined that it is in the bes# interest 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 far 1996.
2. The following financial institutions designated as depositories for Housing and Redevelopment
Authority funds:
FBS Investment Service, Inc.
Richfield Bank and Trust Company
Dain Bosworth, Inc.
Prudential Securities
Piper, Jeffrey & Hopwood
Federated Investors, Trust for short term ~U. 'S. Government Securities
Smith Barney
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Such deposits may be made and withdrawn from time to time by the Treasurer or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 Redevelopment of Ri a ,Minnesota this 1 th day Qf January,
1996.
Thomas E. Harms, Chair
f -
ATTEST:~ dF "~
~;~ .
Luettinger, Secretary
~~~ Ili