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<br />~ <br />~HILLS <br /> <br />CITY OF ARDEN HILLS <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 07-63 <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, 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 additional <br />brokerage firm is 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 formal <br />investment policy of the City: <br /> <br />Wachovia Securities, LLC <br /> <br />BE IT FURTHER RESOLVED, that the Treasurer is authorized to take whatever actions <br />are necessary to make investments at the aforesaid brokerage firm 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 />ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS THIS 30th <br />DAY OF JULY, 2007. <br /> <br />Stanley D. Harpstead, Mayor <br /> <br />ATTEST: <br /> <br />Michelle A. Wolfe, Administrator <br />