HomeMy WebLinkAbout04-003
e
I
e
~
~HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 04-03
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 ofthe City:
Dain Rauscher Corp.
Minnesota Municipal Money Market Fund (4M Liquid Asset and 4M PLUS Funds)
Wells Fargo Brokerage Services, LLC
Salomon Smith Barney Inc.
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 12th
DAY OF JANUARY, 2004.
~~-~.
Be~erly Apli ski, AYOR
AN~Q Q~~ )./)~
Michelle Wolfe, Administrator
\\Earth\Admin\Council\Resolutions\2004\04-03, Designating Brokerage Firms.doc