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<br />. CITY OF ARDEN HILLS <br /> RAMSEY COUNTY, 'MINNESOTA <br /> RESOLUTION NO. 93-03 <br /> RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN <br /> FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE . <br /> CONSISTENT WITH THE FORMAL CITY INVESTMENT POLICY <br /> WHEREAS, Resolution No. 93-02 designates several banks as <br /> depositories for the sole purpose of investing funds of the city <br /> of Arden Hills; and <br /> WHEREAS, it is desirable to invest city funds at the highest <br /> available interest rate; <br /> NOW, THEREFORE, BE IT RESOLVED that effective this date, the <br /> following brokerage firms are designated for the sole purpose of <br /> investing City funds in Federal government instruments or in <br /> banks or savings and loan certificates of deposits, or other <br /> authorized investments allowed by state statutes and consistent <br /> with the formal investment policy of the City: <br /> Minnesota Municipal Money Market Fund (4M Fund) <br /> Piper Jaffray, Inc. <br /> Shearson Lehman Brothers, Inc. <br />. <br /> BE IT FURTHER RESOLVED that the City Treasurer is authorized to <br /> take whatever actions are necessary to make investments at the <br /> aforesaid brokerage firms and to ascertain that adequate <br /> security, as required by the laws of the state of Minnesota, is <br /> furnished by the issuing bank or savings and loan to protect the <br /> city's deposited funds against financial loss; and <br /> BE IT FURTHER RESOLVED that no collateral be required for Federal <br /> government instruments since these investments are backed by the <br /> full faith and credit of the United States government. <br /> ADOPTED BY THE ARDEN HILLS CITY COUNCIL THIS 4TH DAY OF JANUARY, <br /> 1993. <br /> Thomas R. Sather, Mayor <br /> ATTEST: <br /> Dorothy A. Person, City Administrator <br />. <br />