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CITY OF ARDEN HILLS
RAMSEY COUNTY
RESOLUTION NO. 95-03
RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN
FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE
CONSISTENT WITH THE CITY INVESTMENT POLICY
WHEREAS, Resolution No, 95-02 designates several Money Market Funds depositories for the
sole purpose of investing funds ofthe 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 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:
Raymond James & Associates Inc,
Minnesota Municipal Money Market Fund (4M Fund)
Norwest Investment Services, Inc.
Paine Webber, Inc,
Piper Jaffray, Inc,
Smith Barney
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.
PASSED AND ADOPTED BY THE CITY C
THIS 3RD DAY OF JANUARY, 1995.
ATTEST: ~ ~.
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TERRANCE R. POST, ACTING CITY ADMINISTRATOR