031626 Reso 1526_Savings and Loan FundsRESOLUTION NO. 1526
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS,
BANKS, AND CREDIT UNIONS AS DEPOSITORIES FOR THE DEPOSIT AND
INVESTMENT OF HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
FUNDS IN 2026
BE IT RESOLVED, by the Housing and Redevelopment Authority of Richfield, 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 Housing and Redevelopment 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
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 Savings and
Loan Association and Banks be designated as additional depositories for Housing and
Redevelopment Authority funds for 2026.
2. It is further found and determined that the purpose of such depository designation is to
facilitate the proper and advantageous investments 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.
3. The Finance Director is hereby authorized to deposit Housing and Redevelopment
Authority 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 Housing and Redevelopment Authority on the
signatures of the Housing and Redevelopment Authority 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deposits may be made and withdrawn from time to time by the Finance Director as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 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 of the Housing and Redevelopment
Authority regarding the investment of Housing and Redevelopment Authority funds.
Adopted by the Housing and Redevelopment Authority of Richfield, Min sota this 16th
day of March, 2026.
Chai
ATTEST: