HomeMy WebLinkAbout89-006
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STATE OF MINNESOTA
COUNTY OF RAMSEY
CITY OF ARDEN HILLS
RESOLUTION NO. 89-06
RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT
IN FEDERAL GOVERNMENT INSTRUMENTS
WHEREAS, Resolution No. 89-05 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
ATTEST:
Gar~ge: ~
Clerk-Administrator