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<br /> ---- ----------------- <br /> I <br /> CITY OF ARDEN HILLS .1 <br /> RAMSEY COUNTY <br /> STATE OF MINNESOTA <br /> RESOLUTION NO. 97-03 I <br /> RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN I <br /> FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE <br /> CONSISTENT WITH THE CITY INVESTMENT POLICY I <br /> WHEREAS, Resolution No. 97-02 designates several Money Market Funds depositories for the I <br /> 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; I <br /> 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 I <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 ofthe I <br /> City: <br /> Dain Bosworth <br /> Minnesota Municipal Money Market Fund (4M Liquid Asset and PLUS Funds) .. <br /> Norwest Investment Services, Inc. <br /> Smith Barney <br /> BE IT FURTHER RESOLVED, that the City Treasurer is authorized to take whatever actions I <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 I <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 I <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 I <br /> THIS 2ND DAY OF JANUARY, 1997. I <br /> DENNIS PROBST, MAYOR I <br /> ATTEST: <br /> I <br /> BRIAN FRITS INGER, CITY ADMINISTRATOR .. <br /> I <br />