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<br /> <br />~ <br />~~HlLLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />April 24, 2007 <br /> <br />41 <br /> <br />TO: Honorable Mayor and City Council <br />Michelle Wolfe, City Administrator <br /> <br />FROM: Sue Iverson, Finance Director~ <br /> <br />SUBJECT: Designating Affinity Plus as an additional City Depository <br /> <br />Background/Discussion: <br /> <br />Annually, the City Council designates official depositories and brokerage firms for investment of <br />City funds. In completing the audit work and researching investment data, staff has found that <br />one depository was omitted from the list of officially designated depositories. Affmity Plus <br />Federal Credit Union has been used as a City depository since 2002. The account does provide <br />adequate security as required by the laws of the State of Minnesota, and the funds are protected <br />against financial loss. <br /> <br />As a matter of housekeeping, the City Council needs to officially designate Affinity Plus Federal <br />Credit Union as an official City Depository. <br /> <br />Staff Recommendation: <br /> <br />Staff recommends approval of Resolution 07-48, a resolution designating an additional <br />depository for investment purposes, which includes Affinity Plus Federal Credit Union. <br />