031725 Resolution No. 58 Savings and LoansRESOLUTION NO. 58
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS,
BANKS AND CREDIT UNIONS AS DEPOSITORIES FOR THE INVESTMENT OF
ECONOMIC DEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 2025
BE IT RESOLVED, by the Economic Development 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 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 Economic Development Authority funds in Savings
and Loan Associations and Banks would provide greater flexibility in the Economic
Development Authority's investment program and maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED, by the Economic Development
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 Economic Development Authority funds that certain Savings
and Loan Association and Banks be designated as additional depositories for
Economic Development Authority funds for 2025.
2. It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous investments of
Economic Development Authority funds and that such designation is not
exclusive nor does it preclude the deposit of any Economic Development
Authority funds in other officially designated depositories of the Economic
Development Authority.
3. The Finance Director is hereby authorized to deposit Economic Development
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 Economic Development
Authority of Richfield on the signatures of the Economic Development
Authority Finance Director. Such deposits may be made and withdrawn from
time to time by the Finance Director as his best judgment and the interests of
the Economic Development 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 Economic
Development Authority regarding the investment of Economic Development
Authority funds.
Adopted by the Economic Development Authority of Richfiel innesota this 17th day
of March, 2025.
Pre51d t
ATTEST:
V416, 1_1�17e _ _
Executive Director