031626 EDA Reso 65RESOLUTION NO. 65
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS,
BANKS, AND CREDIT UNIONS AS DEPOSITORIES FOR THE INVESTMENT OF
ECONOMIC DEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 2026
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 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 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 2026.
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 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withdrawn from time to time by the Finance Director as their best judgment and the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 Richfield, Minnesota this 1 h day
of March, 2026.
President
ATTEST:
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Executive Director