HomeMy WebLinkAbout02-003
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CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 02-03
RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN
FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE
CONSISTENT WITH THE CITY INVESTMENT POLICY
WHEREAS, Resolution No. 02-02 designates several Money Market Funds depositories for the
sole purpose of investing funds ofthe City of Arden Hills; and
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:
Dain Rauscher Corp.
Minnesota Mlmicipal 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 City 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 cr it ofthe United States
government. I
PASSED AND ADOPTED BY THE CITY COUN'~1t1 TH, ITY OF ARDEN HILLS
THIS 14th DAY OF JANUARY, 2002. / lAy //1/ {!hI
(1.#; ltllt
DENNIS PRO ST, MAYOR
H P. LYNCH, CITY ADMINISTRATOR