HomeMy WebLinkAbout91-003
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CITY OF ARDEN HILLS
RAMSEY COUNTY, MINNESOTA
RESOLUTION NO. 91-03
RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN
FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE
CONSISTENT WITH ANY FORMAL CITY INVESTMENT POLICY
WHEREAS, Resolution 91-01 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 or in bank
or savings and loan certificates of deposits, or other authorized
investments allowed by State statutes and consistent with any
formal investment policy of the city:
Piper Capital Management, Inc.
Merrill, Lynch, pierce, Fenner & Smith, Inc.
Shears on Lehman Hutton
Minnesota Municipal Money Market Fund (4M Fund)
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 City Council this 2nd day of January,
1991.
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Thomas R. Sather, Mayor
ATTEST:
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Gary R. Berger, Clerk Administrator