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<br />. <br /> <br />. <br /> <br />. <br /> <br />CITY OF ARDEN HILLS <br />RAMSEY COUNTY, MINNESOTA <br /> <br />RESOLUTION NO. 92-03 <br /> <br />RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN <br />FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE <br />CONSISTENT WITH THE FORMAL CITY INVESTMENT POLICY <br /> <br />WHEREAS, Resolution No. 92-02 designates several banks as <br />depositories for the sole purpose of investing funds of the City <br />of Arden Hills; and <br /> <br />WHEREAS, it is desirable to invest city funds at the highest <br />available interest rate; <br /> <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 /> <br />Piper, Jaffray and Hopwood, Inc. <br />Piper Capital Management, Inc. <br />Merrill, Lynch, pierce, Fenner & Smith, Inc. <br />Shearson Lehman Hutton <br /> <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 /> <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 /> <br />ADOPTED BY THE ARDEN HILLS <br />1992. <br /> <br /> <br />JANUARY, <br /> <br />ATTEST: <br /> <br />Gar~~er~Clerk Administrator <br />