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<br />. <br /> <br />. <br /> <br />. <br /> <br />CITY OF ARDEN HILLS <br />RAMSEY COUNTY, MINNESOTA <br /> <br />RESOLUTION NO. 90-18 <br /> <br />RESOLUTION AMENDING RESOLUTION 90-03, DESIGNATING <br />BROKERAGE FIRMS FOR INVESTMENT IN FEDERAL <br />GOVERNMENT INSTRUMENTS <br /> <br />WHEREAS, Resolution No. 90-01 designates several banks and savings <br />and loan companies as depositories for the sole purpose of <br />investing funds of the City of Arden Hills; and <br /> <br />WHEREAS, it is desirable to invest City funds at the highest <br />available interest rate; <br /> <br />NOW, THEREFORE BE IT RESOLVED that effective this date, the <br />following brokerage firms are designated for the purpose of <br />investing City funds in Federal government instruments or in bank <br />or savings and loan certificates of deposit: <br /> <br />Piper Capital Management, Inc. <br />Merrill, Lynch, Pierce, Fenner & Smith, Inc. <br />Shearson Lehman Hutton <br />Minnesota Municipal Money Market Fund (4M Fund) <br /> <br />BE IT FURTHER RESOLVED that the city Treasurer is authorized to <br />take whatever actions are necessary to make investments at the <br />aforesaid brokerage firms and to ascertain that adequate security, <br />as required by the laws of the State of Minnesota, is furnished by <br />the issuing bank or savings and loan to protect the city's <br />deposited funds against financial loss; and <br /> <br />BE IT FURTHER RESOLVED that no collateral be required for Federal <br />government instruments since these investments are backed by the <br />full faith and credit of the United States government. <br /> <br />Adopted by the Arden Hills City Council this 9th day of April, <br />1990. <br /> <br />CITY COUNCIL <br /> <br />:;l:~ <br /> <br />Thomas R. Sather, Mayor <br /> <br />ATTEST: <br /> <br /> <br />Ga& 'Erg!! ~ <br /> <br />City Administrator <br />