HomeMy WebLinkAbout04-30-07 Item 4I, Resolution 07-48 Financial Depository
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~HILLS .
Request for Council Action
Prepared By:
Dept.:
Council Mtg. Date:
Final Action Needed By:
Sue Iverson
Fi"nance
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Agenda Item;
41
April..30.,20.o7
AiiriI30,20.oi' ...
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Actual Amount:
Funding Source:____
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Staff recommends a motion to approve-Affinity Plus Federal Credit Union as an additional depository for investment purposes.
X Memo dated April 24, 2.0.07
X No.: .07-48 A Resolution Designating An Additional Depository For Investment Purposes
No.:
"y' ;It;;'1 II!J Recommendation:
Recommendation:
Other:
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, This depository provides additiomif-lnvestment opiions- for""t"he c'iiy-"'to --maxlm"i:i'e:"'''ihe:'''"'ea-rni'nii ..J,.oieiitiaf'-ofihe....CTty's----idfe.....c~ish-"-whTie---
maintaining the liquidity of City funds.
None.
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~~HlLLS
MEMORANDUM
DATE:
April 24, 2007
41
TO: Honorable Mayor and City Council
Michelle Wolfe, City Administrator
FROM: Sue Iverson, Finance Director~
SUBJECT: Designating Affinity Plus as an additional City Depository
Background/Discussion:
Annually, the City Council designates official depositories and brokerage firms for investment of
City funds. In completing the audit work and researching investment data, staff has found that
one depository was omitted from the list of officially designated depositories. Affmity Plus
Federal Credit Union has been used as a City depository since 2002. The account does provide
adequate security as required by the laws of the State of Minnesota, and the funds are protected
against financial loss.
As a matter of housekeeping, the City Council needs to officially designate Affinity Plus Federal
Credit Union as an official City Depository.
Staff Recommendation:
Staff recommends approval of Resolution 07-48, a resolution designating an additional
depository for investment purposes, which includes Affinity Plus Federal Credit Union.
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~HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 07.48
RESOLUTION DESIGNATING AN ADDITIONAL DEPOSITORY
FOR INVESTMENT PURPOSES
WHEREAS, the City of Arden Hills designates U.S. Bank St. Paul, N.A. as the official
depository for funds ofthe City of Arden Hills for calendar year 2007; and
WHEREAS, it is desirable to invest City funds at the highest available interest rate;
NOW THEREFORE, BE IT RESOL YED that effective this date, the following depository
is designated as an additional depository for the sole purpose of investing cash or cash equivalent
funds of the City of Arden Hills:
Affinity Plus Federal Credit Union.
BE IT FURTHER RESOLVED, that the Treasurer is authorized to take whatever actions
are necessary to make investments in the aforesaid depository and to ascertain that adequate security,
as required by the laws ofthe State of Minnesota, is furnished by such money market funds to protect
the City's deposited funds against financial loss.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS THIS 30th
DAY OF APRIL, 2007.
Stanley D. Harpstead, Mayor
ATTEST:
Michelle A. Wolfe, ADMINISTRATOR