05-9570r
170
RESOLUTION NO. 9570
RESOLUTION DESIGNATING CERTAIN SAVING AND LOAN ASSOCIATIONS
AND BANKS AS DEPOSITORIES FOR THE INVESTMENT OF CITY FUNDS IN 2005
BE IT RESOLVED, by the City Council of City of Richfield, Minnesota
WHEREAS, pursuant to Minnesota Statutes, Sections 118A.01 - 118A.06,
municipal funds may be deposited in any Savings and Loan Association or Bank which has
its deposits insured by the Federal Savings and Loan Insurance Corporation (FSLlC) or
the Federal Deposit Insurance Corporation (FDIC), and
WHEREAS, the amount of said deposits may not exceed the FSLlC/FDIC
insurance covering such deposits which insurance amount is presently $100,000, 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 proper
management of City funds that various banks be designated as additional
depositories for City funds for 2005.
2. It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous investments 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 Treasurer and Finance Manager are hereby authorized to deposit City funds
in various depositories up to the amount of $100,000, or such other amount as
may be subsequently permitted by law, such deposits to be in the form of
demand accounts for Public Unit Savings Certificates purchased by the City,
payable to the City of Richfield on the signatures of the City Treasurer or
Finance Manager. Such deposits may be made and withdrawn from time to time
by the Treasurer or Finance Manager as his 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 3rd day of January,
2005.
ATTEST:
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Martin J. Kir~lj, Mayor
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