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STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF ARDEN HILLS
Resolution No. 85-3
RESOLUTION DESIGNATING BROKERAGE FIRMS FOR
INVESTMENT IN FEDERAL GOVERNMENT INSTRUMENTS
.
WHEREAS, Resolution No. 85-2 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 avail-
able interest rate,
NOW, THEREFORE, BE IT RESOLVED that, effective this date the
following brokerage firms are designated for the sole purpose of investin~
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,
1985.
4i:~~~~
Mayor
.
, ATTEST:
~
Clerk Administrator