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2004-06-23 City Executive Session, WS & CC Meeting
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2004-06-23 City Executive Session, WS & CC Meeting
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<br />. <br /> <br /> <br />tervi[[e <br />'Estahfishetf 1857 <br /> <br />STAFF REPORT <br />CENTERVILLE CITY COUNCIL <br /> <br />Date: <br /> <br />June 23, 2004 <br /> <br />To: <br /> <br />Honorable Mayor and City Council Members <br />Ms. Kim Moore-Sykes, City Administrator <br /> <br />EDen Paulseth, Finance Director ~ <br /> <br />From: <br /> <br />Re: <br /> <br />Northland Securities - Designated Depository <br /> <br />************************************************************************ <br /> <br />Northland Securities is currently the appointed Financial Advisor for the City of <br />Centerville. However the company has not yet been authorized to invest City funds. <br /> <br />Currently, the City purchases most of its investments through Mainstreet Bank, Smith <br />Barney, and the 4M Fund. However, Northland Securities could offer a product through <br />Pershing LLC generally not available through the other institutions. Occasionally they <br />have available for purchase taxable municipal bonds that would meet the City's <br />investment criteria. <br /> <br />Minnesota Statutes, Section 118A.04 and the City's Investment Policy authorize the City <br />to purchase "any security which is a General Obligation of the State of Minnesota or any <br />of its Municipalities." According to George Eilertson, these investments typically yield <br />15 to 20 basis points more than the govermnent securities we have been purchasing. <br /> <br />A resolution authorizing an investment account with Pershing LLC is attached for your <br />consideration. <br /> <br />Council would also need to modify Resolution No. 04-001, A Resolution Authorizing <br />Appointments for 2004, to include Northland Securities/Pershing LLC as a designated <br />depository. <br /> <br />l.. _ <br />
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