2026-01-13 Resolution 12400City of Richfield January 13, 2026
County of Hennepin
State of Minnesota
RESOLUTION NO. 12400
Motion by: Hayford Oleary
Seconded by: Coleman-Woods
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS,
BANKS, AND CREDIT UNIONS AS DEPOSITORIES FOR THE DEPOSIT AND
INVESTMENT OF CITY FUNDS IN 2026
BE IT RESOLVED, by the City Council of City of Richfield (City), Minnesota
WHEREAS, pursuant to Minnesota Statutes, Sections 118A.01 – 118A.06, municipal funds
may be deposited in any Savings and Loan Association, Bank or Credit Union which has its deposits
insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union
Administration (NCUA); and
WHEREAS, the amount of said deposits may not exceed the FDIC/NCUA insurance covering
such deposits which insurance amount is presently $250,000; and
WHEREAS, the deposit of City funds in Savings and Loan Associations and Banks would
provide greater flexibility in the City’s investment program and maximize interest income thereon; and
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Richfield,
Minnesota, as follows:
1.It is hereby found and determined that it is in the best interest of the property
management of City funds that various banks be designated as additional depositories for
City funds for 2026.
2.It is further found and determined that the purpose of such depository designation is to
facilitate the proper and advantageous deposit and investment of City funds and that
such designation is not exclusive, nor does it preclude the deposit of any City funds in
other officially designated depositories of the City.
3.The Finance Director is hereby authorized to deposit City funds in various depositories
up to the amount of $250,000, or such other amount as may be subsequently permitted
by law, such deposits to be in the form of demand accounts, payable to the City on the
signature of the Finance Director. Such deposits may be made and withdrawn from time
to time by the Finance Director as their best judgment and the interests of the City
dictates.
4.The investment of funds and the reporting thereof pursuant to this resolution shall be
conducted in accordance with established policies of the City regarding the investment of
City funds.
Adopted by the City Council of the City of Richfield, Minnesota this 13th day of
January, 2026.
VOTING AYE VOTING NAY
Supple, Mary Supple, Mary
Burk, Walter Burk, Walter
Christensen, Sharon Christensen, Sharon
Coleman-Woods, Rori Coleman-Woods, Rori
Hayford Oleary, Sean Hayford Oleary, Sean
Mary B. Supple, Mayor
ATTEST:
Michelle Friedrich, City Clerk