HomeMy WebLinkAbout5B, Resolution Designating Brokerage Firms for Investments 'It
EN HILLS
Request for Council Action 5B
Prepared By: Sue Iverson,Director of Finance and
Council Meeting Date: September 10,2012
Administrative Services
Resolution Designating Brokerage Firms for Investments
Budgeted Amount: Actual Amount: Funding Source:
N/A N/A N?A
Recommendation:
Motion to approve Resolution 2012-030, a resolution designating brokerage firms for investment in
financial instruments authorized by State Statute consistent with the City Investment Policy.
Supporting Documents:
1. Memorandum dated September 10, 2012, from Sue Iverson.
2. Resolution 2012-030.
"I't
EN HILLS
MEMORANDUM
DATE: September 10, 2012
TO: Honorable Mayor and City Council
Patrick Klaers, City Administrator
FROM: Sue Iverson, Director of Finance and Administrative Services
SUBJECT: Resolution Designating Brokerage Firms for Investments
Background/Discussion:
Annually, the City Council designates official depositories and brokerage firms for investment of
City funds. With all the consolidations of investment and banking firms in the past years, some
of the agency/brokers we used have had name changes. (For example, RBC Dain Rauscher
Corporation is now RBC Wealth Management)
For audit purposes and for City records, we would like to update these officially in the City
records by resolution. There are no changes in our accounts or signature cards, we are only
updating the names for our official records since there have been some changes since our
resolution designating these firms in January.
Staff Recommendation:
Staff recommends approval of Resolution 2012-030, a resolution designating brokerage firms for
investment in financial instruments authorized by State Statute consistent with the City
Investment Policy.
,ARPEN HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 2012-030
RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN
FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE
CONSISTENT WITH THE CITY INVESTMENT POLICY
WHEREAS, it is desirable to invest City funds at the highest available interest rate;
NOW THEREFORE,BE IT RESOLVED that effective this date,the following brokerage
firms are designated for the sole purpose of investing City funds in Federal government instruments
or other authorized investments allowed by State statutes and consistent with the formal investment
policy of the City:
RBC Wealth Management
Minnesota Municipal Money Market Fund (4M Liquid Asset and 4M PLUS Funds)
Wells Fargo Securities, LLC
Wells Fargo Advisors, LLC
Morgan Stanley Smith Barney, LLC
BE IT FURTHER RESOLVED,that the Treasurer is authorized to take whatever actions
are necessary to make investments at the aforesaid brokerage firms and to ascertain that adequate
security, as required by the laws of the State of Minnesota, is furnished by the issuing bank or
savings and loan to protect the City's deposited funds against financial loss; and
BE IT FURTHER RESOLVED, that no collateral be required for Federal government
instruments since these investments are backed by the full faith and credit of the United States
government.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS THIS 10th
DAY OF SEPTEMBER 2012.
David Grant, Mayor
ATTEST:
Patrick Klaers, Administrator