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01-12-1983 Council Agenda
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01-12-1983 Council Agenda
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Minnesota <br />Federal 355 Minnesota Street • Saint Paul, I <br />Serving Minnesota Since 1877 <br />November 18, 1982 <br />Business Manager <br />City of Little Canada <br />515 East Little Canada Road <br />Little Canada, Minnesota 55117 <br />Dear Sir: <br />Jean F. Todd <br />Assistant Secretary <br />MINNESOTA FEDERAL SAVINGS <br />minnesora at fifth street • saint paul, minnesota 55101 • 298.6411 <br />We want to be a depository for your Public Unit Funds! <br />Minnesota Federal Savings and Loan has established a new Liquidity <br />Management Department which gives us the ability to compete more <br />actively in the short term, public unit and jumbo market. The minimum <br />term for both public unit and jumbo accounts is 30 days, and generally <br />we have been limiting ourselves to a maximum of one year. However, <br />there is no reason why we could not bid for a longer term. <br />A Federal agency, FSLIC, will provide insurance for the first $100,000 <br />of public funds. In accordance with state law, we will provide collateral <br />of 110% in first mortgages for all deposits in excess of the $100,000 FSLIC <br />coverage. Bank wires are encouraged, but must be sent prior to 12:00 <br />noon, so that funds can be credited and reinvested the same day. <br />If you are willing to designate Minnesota Federal as a depository, please <br />call me at 298 -6411, and we will prepare and deliver the designated <br />Public Depository forms to you. <br />We surely would like to be on your call list and furnish a bid when your <br />funds are being placed. <br />Sincerely, <br />Mrs, Jean F. Todd <br />Assistant Secretary <br />3 <br />
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