1997-618HRA RESOLUTION N0.618
RESOLUTION pESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF
HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 1997
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 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 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 for 1997.
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.
Norwest Investment Services
Piper, Jaffrey & Hopwood
Juran & Moody, Inc.
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Such deposits may be made and withdrawn from time to time by the Treasurer or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 s his 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
ATTEST:
Michael San ,Secretary
nnesota this 21 st day of January, 1997.
Thomas E. Harms, Chairman
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