HomeMy WebLinkAbout07-003
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'-A.~ HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
ST A TE OF MINNESOTA
RESOLUTION NO. 07-03
RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN
FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE
CONSISTENT \VITH THE CITY INVESTMENT POLICY
\VlIEREAS, it is desirable to invest City funds at the highest available interest rate;
NO\V THEREFORE, BE IT RESOLVED that effective this date, the following brokeragc
firms are designated for thc sole plll1Jose ofinvesting City funds in Federal government instmments
or other authorized investments allowed by State statutes and consistent with the fornlal investmcnt
policy of the City:
Oain Rauscher Corp.
Minnesota Municipal Money Market fund (4M Liquid Asset and 4M PLUS Funds)
Wells Fargo Brokerage Services, LLC
Salomon Smith Barney Inc.
BE IT FURTHER RESOLVED, that the Treasurer is authorized to take whatever actions
are necessary to make invcstments at the aforesaid brokerage tirms 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 {or Federal government
instruments since these investments are backed by the full faith and credit of the United States
government
ADOPTED BY THE CITY COUNCI
DA Y OF JANUARY, 2007.
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Michelle A. \Volfe, Administrator