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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 />1880 !Main Street . Centervi[Ce, 'M'l{ 55038 <br />(651) 429-3232 . :ra~ (651) 429-8629 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />CITY OF CENTERVILLE <br /> <br />RESOLUTION #04 - 028 <br /> <br />RESOLUTION AUTHORIZING AN INVESTMENT ACCOUNT <br />WITH PERSHING LLC <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the City of CenterviIle, Minnesota, (the "City") as <br />follows: <br /> <br />Section 1. Recitals. <br /> <br />1.01. The City, pursuant to Minnesota Statutes, Sections 118A.OI through 1I8A.08, has <br />authority to invest "Public Funds" as defmed in Minnesota Statutes, Section 118A.OI(4). <br /> <br />1.02. Public Funds may be invested in the manner and in the securities detailed in Minnesota <br />Statutes, Sections II8A.04 and 1I8AOS. <br /> <br />1.03. Minnesota Statutes, Section 118.02(1) permits the City Council to authorize the treasurer <br />or chief financial officer to make investments. <br /> <br />1.04. The City of CentervilIe isa "Government Entity" as defined in Minnesota Statutes, <br />Section 1I8AOI(2). <br /> <br />1. 05. Subject to compliance with Minnesota Statutes, Section 1I8A 04(9), the treasurer or chief <br />financial officer may purchase securities through a broker-dealer. <br /> <br />Section 2. Approval of AccountJInvestments. <br /> <br />2.01. The Finance Director, who is the City's "treasurer or chief fmancial officer," is <br />authorized to open and maintain an investment account with Pershing LLC through <br />Northland Securities, Inc. ("NSf'), and any Pershing or NSI affiliate, subsidiary, or <br />successor corporation, for the purpose of buying and selling such securities as may be <br />permitted by Minnesota Statutes, Sections 1I8AOI through 1I8A08. The trading of <br />options, trading on margin, and selling short is not authorized. <br /> <br />2.02. The Finance Director or any duly appointed deputy thereto are authorized to act on behalf <br />of the City with respect to the PershinglNSI investment accounts without any limitations. <br />This authority includes, but is not limited to, the authority to open and close investment <br />accounts, to execute documents on behalf of the City, to order securities transactions, to <br />order assignment or transfer of securities and distribution of proceeds, and to otherwise <br />
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