HomeMy WebLinkAbout07-63
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~HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 07-63
RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN
FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE
CONSISTENT WITH THE CITY INVESTMENT POLICY
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 additional
brokerage firm is designated for the sole purpose of investing City funds in Federal government
instruments or other authorized investments allowed by State statutes and consistent with the formal
investment policy of the City:
Wachovia Securities, LLC
BE IT FURTHER RESOLVED, that the Treasurer is authorized to take whatever actions
are necessary to make investments at the aforesaid brokerage firm 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 fina.l1cialloss; 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 CITY COUNC
DAY OF JULY, 2007.
ATTES~:U~~P~
Michelle A. Wolfe, Administrator