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<br />. <br /> <br />e <br /> <br />. <br /> <br />CITY OF ARDEN HILLS <br />RAMSEY COUNTY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 98-03 <br /> <br />RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN <br />FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE <br />CONSISTENT WITH THE CITY INVESTMENT POLICY <br /> <br />WHEREAS, Resolution No. 98-02 designates several Money Market Funds depositories for the <br />sole purpose of investing funds of the City of Arden Hills; and <br /> <br />WHEREAS, it is desirable to invest City funds at the highest available interest rate; <br /> <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 <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 /> <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 /> <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 /> <br />D <br /> <br /> <br />PASSED AND ADOPTED BY THE CITY COUNCIL <br />THIS 5TH DAY OF JANUARY, 1998. <br /> <br />ATTEST: <br /> <br />N;!ff- <br />/ <br />BRIAN FRITSINGER, CITY ADMINISTRATOR <br /> <br />(i,' li <br />