Laserfiche WebLink
<br /> . CITY OF ARDEN HILLS <br /> RAMSEY COUNTY, MINNESOTA <br /> RESOLUTION NO. 93-63 <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. 93-03 designated general brokerage firms <br /> for the sole purpose of investing funds of the city of Arden <br /> Hills; and <br /> WHEREAS, it is desirable to add a brokerage firm (PaineWebber) to <br /> the approved list, and reflect the name change of a previously <br /> approved firm (Shearson Lehman Brothers, Inc.); <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 /> paineWebber Incorporated <br /> . Piper J'affray, Inc. <br /> Smith Barney Shears on <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 29TH DAY OF <br /> NOVEMBER, 1993. <br /> , <br /> Thomas R. Sather, Mayor -- <br /> ATTEST: <br /> Dorothy A. Person, City Administrator <br /> . <br />