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CCP 01-05-1998
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CCP 01-05-1998
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<br /> CITY OF ARDEN HILLS <br /> RAMSEY COUNTY <br /> . ST A TE OF MINNESOTA <br /> RESOLUTION NO. 98-03 <br /> RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN <br /> FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE <br /> CONSISTENT WITH THE CITY INVESTMENT POLICY <br /> WHEREAS, Resolution No. 98-02 designates several Money Market FLll1ds depositories for the <br /> sole purpose of investing funds of the City of Arden Hills; and <br /> WHEREAS, it is desirable to [nvest City funds at the highest available interest rate; <br /> NOW THEREFORE, BE IT RESOL VED 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 other authorized investments allowed by State statutes and consistent with the <br /> formal investment policy of the City: <br /> Dain Rauscher Corp. <br /> Minnesota Municipal Money Market Fund (4M Liquid Asset and PLUS Funds) <br /> Norwest Investment Services, Inc. <br /> . Smith Barney <br /> BE IT FURTHER RESOL VED, 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 RESOL VED, that no collateral be required for Federal govemment <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 5TH DAY OF JANUARY, 1998. <br /> DENNIS PROBST, MAYOR <br /> ATTEST: <br /> . BRIAN FRITSINGER, CITY ADMINISTRATOR <br />
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