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<br />. <br /> <br />. <br /> <br />. <br /> <br />CITY OF ARDEN HILLS <br />RAMSEY COUNTY, MINNESOTA <br /> <br />RESOLUTION NO. 91-03 <br /> <br />RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN <br />FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE <br />CONSISTENT WITH ANY FORMAL CITY INVESTMENT POLICY <br /> <br />WHEREAS, Resolution 91-01 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 sole purpose of <br />investing city funds in Federal government instruments or in bank <br />or savings and loan certificates of deposits, or other authorized <br />investments allowed by State statutes and consistent with any <br />formal investment policy of the city: <br /> <br />Piper Capital Management, Inc. <br />Merrill, Lynch, pierce, Fenner & Smith, Inc. <br />Shears on 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 <br />security, as required by the laws of the State of Minnesota, is <br />furnished by the issuing bank or savings and loan to protect the <br />City'S 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 2nd day of January, <br />1991. <br /> <br />Ci;~ g~,;IL <br />:~Dr/lL-- <br /> <br />Thomas R. Sather, Mayor <br /> <br />ATTEST: <br /> <br />~12 B~ <br />Gary R. Berger, Clerk Administrator <br />