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STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF ARDEN HILLS
RESOLUTION NO. 86-3
RESOLUTION DESIGNATING BROKERAGE FIRMS FOR
INVESTMENT IN FEDERAL GOVERNMENT INSTRUMENTS
.
WHEREAS, Resolution No. 86-2 designates several
banks and savings and loan companies as depositories for the
sole purpose of investing funds of the 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:
Kidder Peabody & Company, Inc.
Merrill, Lynch, Pierce, Fenner & Smith, 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
BE IT FURTHER RESOLVED that no collateral be required
since investments are authorized only in federal government
instruments which are backed by the full faith and credit
of the United States Government.
Passed by the Arden Hills City Council this 2nd
day of January, 1986.
I?~~~~
Robert L. Woodburn
Mayor
ATTEST:
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Charlotte McNiesh
Clerk Administrator