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f���l��Si F�� C��1��I�. A+Ciit��V oAT�: _� �3 �� <br />AGENDA SECTION: <br />Organazational Business <br />ORIGIiVATING DEP7./OIV.: <br />Adm <br />[TEM NO.. { ITEM DESCRIP710N: <br />-4 j Besignation o� Official Qepositaries <br />DEPT_HEAD APPROVAL. <br />MGR_ ,RE�t�W�D/RECQMMEN�S: <br />�; <br />Presently the Roseviil.e Siate Bank, North Star State Bank anci �he Mid America Natianal <br />Bank are the of£icial depasitories for the Czty. <br />Effecfiive November 27, 197A�, goverr►inent units are authorized to invest up to $I00,000 <br />in certi�icates of deposit at 5avings � Loan Associations at a maximum rate o� 7--3/4% <br />and such certificates would be fully insured. Pxior to this tzme governmental units <br />could not invest �n Savirtgs � Loan Associations. <br />The same act provided 'that certificates of deposzts in cammercial banlcs are now fully <br />insured up to $100,000, and that they can pay a maxaznum rate o£ 7-3/4% up to a <br />$I.00,000. Rates can be nego-�iatec� for C/D investments exceeding $100,000 wzth <br />commercial banks nnly. Tt zs not permissible to invest aver �100,000 in any one <br />Savings and Loan. <br />Therefoxe, Savings � Loan Associations and Co�erci.al Sanks are now competit�ve on <br />investments up to $1QO,OQO and with a max imum investment rate of 7-3/4%. By �esignating <br />the local Savzngs and Loan Associations, zt would provide addirianal flexibility in <br />securing the highest rate within those competitive limztat�ons. <br />Action Requested: Motian designating the following b�.nks and savings and <br />loan asso�iations for deposi.torzes of City funds: <br />Rosevill.e State Bank, North Star State Bank, Mid-America <br />Nat�onai Bank, Twin Gity 5avings and Loan (Har Mar}, <br />Minnesota Federal Savings F� Loan (Lexington Plaza), Fzrst <br />Federal Savings F� I,oan :�.Rosedale Center), and Midwest <br />Federal Savzng and Loan (Iiighway 36 and �'airview}. <br />