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CCP 01-03-1995
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CCP 01-03-1995
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<br /> I <br /> I. CITY OF ARDEN HILLS <br /> RAMSEY COUNTY <br /> I RESOLUTION NO. 95-03 <br /> I RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN <br /> FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE <br /> CONSISTENT WITH THE CITY INVESTMENT POLICY <br /> I <br /> WHEREAS, Resolution No. 95-02 designates several Money Market Funds depositories for the <br /> I sole purpose of investing funds of the City of Arden Hills; and <br /> WHEREAS, it is desirable to invest City funds at the highest available interest rate; <br /> I NOW THEREFORE, BE IT RESOLVED that effective this date, the following brokerage <br /> . firms are designated for the sole purpose of investing City funds in Federal government <br /> instruments or in banks or savings and loan certificates of deposits, or other authorized <br /> investments allowed by State statutes and consistent with the formal investment policy of the <br /> . City: <br /> Raymond James & Associates Inc. <br /> Minnesota Municipal Money Market Fund (4M Fund) <br /> .e Norwest Investment Services, Inc. <br /> Paine Webber, Inc. <br /> Piper Jaffray, Inc. <br /> . Smith Barney <br /> BE IT FURTHER RESOLVED, that the City Treasurer is authorized to take whatever actions <br /> . are necessary to make investments at the aforesaid brokerage firms and to ascertain that adequate <br /> security, as required by the laws of the State of Minnesota, is furnished by the issuing bank or <br /> savings and loan to protect the City's deposited funds against financial loss; and <br /> . BE IT FURTHER RESOLVED, that no collateral be required for Federal government <br /> . instruments since these investments are backed by the full faith and credit of the United States <br /> government. <br /> . PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS <br /> THIS 3RD DAY OF JANUARY, 1995. <br /> I DENNIS PROBST, MAYOR <br /> . ATTEST: <br /> .- TERRANCE R. POST, ACTING CITY ADMfNISTRATOR <br /> . <br />
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