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CITY OF ARDEN HILLS
RAMSEY COUNTY, MINNESOTA
RESOLUTION NO. 93-63
RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN
FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE
CONSISTENT WITH THE FORMAL CITY INVESTMENT POLICY
WHEREAS, Resolution No. 93-03 designated general brokerage firms
for the sole purpose of investing funds of the city of Arden
Hills; and
WHEREAS, it is desirable to add a brokerage firm (paineWebber) to
the approved list, and reflect the name change of a previously
approved firm (Shearson Lehman Brothers, Inc.);
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 in
banks or savings and loan certificates of deposits, or other
authorized investments allowed by state statutes and consistent
with the formal investment policy of the City:
Minnesota Municipal Money Market Fund (4M Fund)
paineWebber Incorporated
Piper Jaffray, Inc.
smith Barney Shears on
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 credit of the united states government.
ADOPTED BY THE ARDEN HILLS CIT:;LCOU CIL THIS 29TH DAY OF
NOVEMBER, 1993. ~ tf
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Thomas R. ather, Mayor
ATTEST:
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Administrator