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<br />I <br />I. CITY OF ARDEN HILLS <br /> RAMSEY COUNTY <br />I RESOLUTION NO. 96-03 - <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 />I WHEREAS, Resolution No. 96-02 designates several Money Market Funds depositories for the <br /> sole purpose of investing funds of the City of Arden Hills; and <br />I WHEREAS, it is desirable to invest City funds at the highest available interest rate; <br /> NOW THEREFORE, BE IT RESOLVED that effective this date, the following brokerage <br />I 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 />I City: <br /> Dain Bosworth <br />I. Minnesota Municipal Money Market Fund (4M Fund) <br /> N orwest Investment Services, Inc. <br /> Smith Barney <br />I 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 />I 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 />I 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 />I PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS <br /> THIS 2ND DAY OF JANUARY, 1996. <br />I <br /> DENNIS PROBST, MAYOR <br />I ATTEST: <br />I BRIAN FRITSINGER, CITY ADMINISTRATOR <br />I- <br />I <br />