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<br />. <br /> <br />. <br /> <br />. <br /> <br />CITY OF ARDEN HILLS <br />RAMSEY COUNTY <br /> <br />RESOLUTION NO. 96-03 <br /> <br />RESOLUTION DESIGNATING BROKERAGE FIRMS FOR INVESTMENT IN <br />FINANCIAL INSTRUMENTS AUTHORIZED BY STATE STATUTE <br />CONSISTENT WITH THE CITY INVESTMENT POLICY <br /> <br />WHEREAS, Resolution No. 96-02 designates several Money Market Funds depositories for the <br />sole purpose of investing funds of the City of Arden Hills; and <br /> <br />WHEREAS, it is desirable to invest City funds at the highest available interest rate; <br /> <br />NOW THEREFORE, BE IT RESOLVED that effective this date, the following brokerage <br />firms are designated for the sole purpose of investing City funds in Federal government <br />instruments or in banks or savings and loan certificates of deposits, or other authorized <br />investments allowed by State statutes and consistent with the formal investment policy of the <br />City: <br /> <br />Dain Bosworth <br />Minnesota Municipal Money Market Fund (4M Fund) <br />Norwest Investment Services, Inc. <br />Smith Barney <br /> <br />BE IT FURTHER RESOLVED, that the City Treasurer is authorized to take whatever actions <br />are necessary to make investments at the aforesaid brokerage firms and to ascertain that adequate <br />security, as required by the laws of the State of Minnesota, is furnished by the issuing bank or <br />savings and loan to protect the City's deposited funds against financial loss; and <br /> <br />BE IT FURTHER RESOLVED, that no collateral be required for Federal government <br />instruments since these investments are backed by the full faith and credit of the United States <br />government. <br /> <br /> <br />PASSED AND ADOPTED BY THE CITY CO <br />THIS 2ND DAY OF JANUARY, 1996. <br /> <br />ATTEST: <br /> <br /> <br />BRIAN p~~y ADMINISTRATOR <br />